Looking at the S&P500 chart we can consider the structure as an ending diagonal in Intermediate wave (5) of Primary  position.
The diagonal has been under construction since October 2014 when price carved out the Intermediate wave (4) low. The S&P500 has started to respect every possible resistance from early December and has played ping-pong for 6 months now. The range is not fully horizontal instead prices drag to new highs lacking any enthusiastic follow through succeeding breakouts.
The compression of the trading range in March made the life of overnight short term traders miserable as the daily signal triggers did not produce more reward than risk. The range-in-range shape narrowed even further in mid-April while sticking to the top resistance levels. This kind of price action typically precedes a breakout, but the ensuing bull leg might be quite slow and choppy hence the lack of confidence of buyers persists.
You can filter out these periods by using RSI. When it just bounces up and down around its moving average and the 50 level, just mark the support and resistance levels on the daily and flip to smaller time frame charts to take advantage of the mostly clean and sudden intraday moves the same way as you would do on a smoothly trending daily chart. Return to the original (larger) time frame only after the price action leaves the range – one side or the other. Right now the daily is not tradable and that might be the case for several days despite the good chance of a breakout. Forecasting a possible breakout is one thing but choosing strategy that fits both the probability and the rhythm of the price action is another.
The time zone we reference on our charts is Pacific Standard Time. Therefore, the U.S. cash market opens at 6:30 AM PST and closes at 1:00 PM PST.