$ES #macro
Yesterday ES-mini futures finally completed the rally as we expected:

ES tested the Red Target Box yesterday in a rally that looked like a textbook subwave c of a corrective a-b-c up structure:

In such corrective structures the bullish sentiment reaches its peak at completion of the second leg up, the subwave -c- up.
Then bears managed to push ES under the broken Monthly Resistance 3,907 opening the door for testing the Monthly Support at 3,814.
We are going to get two catalysts that will drive the market this week.
The first one is the FED Chairman speech scheduled at 9-00 AM EST today (in 5 minutes). The most important catalyst is the core CPI that is scheduled to be released at 8-30 AM EST this coming Thursday.
If we zoom-in we will see that ES may be due for a pullback this morning:

That triangle shaped consolidation that kept ES at bay for more than two weeks continues to impact the market.
This decline stopped right at its upper edge of the triangle.
The upper edge of the broken triangle works now as a support.
Bears need to push price back inside that triangle to invalidate the bullish breakout scenario that is technically alive as long as bulls hold ES over the broken support..
If we get a corrective micro bounce up to the lower Red Box (3,924-3,931) that will be an attractive short setup.
If bulls manage to push ES over 3,945 that bearish setup will be dead.