$SPX $COMPX $ES
The Very Bullish scenario I tracked for weeks got invalidated by the drop under the stop level 6,368:

ES-mini 120 min chart
So far I can not find a bullish wave count that allows bulls to continue the rally off the April 25 low after that drop.
But charts of S&P 500 and Nasdaq Composite indices have a viable bearish wave count.
S&P approached the Red Box and turned down:

S&P 500, 240 min chart
We have discussed that alternatie bearish count many times. It is possible to count the rally off the April low as a huge corrective wave ( B ) up.
We can apply the very same wave count to Nasdaq composite index (its different from NQ-100 index that is driven by overhyped tech companies):

Nasdaq Composite, weekly chart
Talking about ES-mini:

The weekly trend is still up. Overnight ES dropped down to the last weekly support ( 6,307.75 for this week and next week.
Break under 6,307.75 would turn the weekly trend down and confirm the bearish scenario for a quick and sharp 10% correction in a subwave (C) of wave ( 4 ) down.
There is a super wicked max pain low probability scenario that still allows bulls to turn ES up and hit 6,600:

ES-mini 120 min chart
If bulls manage to hold ES over 6,307 and then turn it up and break back over 6,368, then we can expect another extension of the rally in a wave ( v ) up targeting at least 6,600.