The fade this morning falls in line with the Taylor Technique for swimg trade fades of previous days highs/lows when the previous day opens in its lower/higher 10% and closes in its higher/lower 90%. When this occurs the retest of the previous day hi/lo is likely and IF they fail to hold a fade is likely.
Raschke & Connor modified it to 80 & 20% i believe to create more trading ops. Google it.
I track these levels on a daily basis with a fib tool marked at 80/20 (yellow lines)
Yesterday the ES & YM both opened in their respective lower 20% and closed in their respective 80% The RED line is the previous day high.
Note the YM tested and faded while the ES was unable to retest setting up the bearish reversal resulting in an intial 250+ pt ym and 30+ pt es move.
I trade the ym but watch the es for signals. These may have occurred on the nq & rty as well but I dont track them.