I generally look at the overnight low/high vs prior lows/highs (whenever they may have been created), and then look at the cash open vs cash close of prior session.
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"Change" is always measured from the previous day's settlement (ala midpoint of SP rounded to ES tick from 4:14:30 to 4:15:00 ET). But practically speaking, use whatever measurement you think will provide you with the most insight. There is no right or wrong here.
As Mike mentioned, the cash (4pm ET) close is an important number, as often the cash close and settlement differ substantially. If I had to pick one to watch, it would be the cash close.
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