$ES: Lack of Acceleration is a Warning For Bulls

$ES #ES-mini #Month Opening Range

Bulls pushed ES-mini over the Monthly Resistance 5,999:

Then price came back down and re-tested the broken-resistance-turned-support twice.

ES-mini 30 min chart

Bulls are still in control but they have to start pushing ES to its upper Red Target box.

We can micro count that meandering action over the Monthly Resistance as a micro i up, ii down long setup that allows bulls to start accelerated rally.

But break back under 5,991 would be a bearish sign. That should not happen under the very bullish count.

the Daily Resistance calculated by the Cycle Trader Indicator for TradingView is 6,025

Bulls need to break over that level to start an accelerated rally to the target 1 = 6,094.

Failure to break over that level will most likely trigger a sell off into the end of the day (possible catalyst weak results of the US treasuries auction, Results are usually announced between 1:30 PM ET and 2:00 PM ET on the day of the auction.).

If bulls fail to get over 6,025 resistance we can get a quick drop to the nearest milestone support 5,928.

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