The market's trading range has been unusually narrow the past two days. Even so, the ES continues to creep higher. I think this means that sellers prefer to wait for higher prices before becoming aggressive again. Why?
Note that 1103.50 and 1101.50 were high points of substantial rallies that ended on January 28 and February 2 respectively. The fact that the market has not run away from these previous high points (yet) contrasts with its action the last two times it traded at these levels. This is what makes me think that sellers are waiting for higher prices.