$ES #breakout
That strong break over the Monthly Resistance 6,377.50 puts bulls back into a driver’s seat.
I noted yesterday:
…To start a trending move up bulls need to break over the Monthly Resistance 6,377.50

ES-mini 120 min chart
6,428 is the secondary Daily Resistance for today (that level is calculated by the Cycle Trader indicator for TradingView). We are getting a pullback down off that resistance this morning.
6,419 is a “test resistance level” for bears, a 76.4% extension of the wave -i- up. Break over that level should be followed by an acceleration of a rally with the immediate target 6,452 with potential extension to 6,485.
Note that that same broken Monthly Resistance 6,377.50 becomes the protective stop for bulls.

published at 11-48 AM

ES-mini 120 min chart
Bulls still can count that drop as a subwave -c- of wave -ii- down.
Its critically important for bulls to push ES back over the Monthly resistance to confirm that bullish setup. Failure of bulls to defend the Monthly Resistance 6,377 level allows bears to trigger a short “failed breakdown” setup.
Failed break over the Monthly Resistance allows bears to push price down to the Monthly Support 6,239.50.