$ES: The Diamond Top Pattern

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$ES #breakdown

Traders practicing old time traditional technical analysis based on repeating patterns should spot this:

ES-mini 30 min chart

Under that Diamond Pattern bulls may produce another small bounce off the lower trendline before breaking under support provided by that lower trendline.

This is how a bigger picture looks like:

ES-mini Daily chart

Interestingly, ES tried to reclaim 50 Day Moving Average this week but that was a short lived rally. However, We are closing the week UNDER the 50 DMA = 6,931.50.

Note that VIX, the volatility index, ended the day yesterday right at the breakout level:

VIX 30 min chart

… and ES-mini is sitting at a breakdown level:

Break under the green monthly support 6,682.50 would open the door for a deep dive down to the Monthly S1 = 6,697.

Note that we begin a new trading month on Monday.

This typically brings elevated volatility early in the week, as price tends to make wider swings while establishing and expanding the Monthly Opening Range.

As always, we will closely track the high and low of the range formed during the first three trading days of March.

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$ES: The Diamond Top Pattern

$ES #breakdown Traders practicing old time traditional technical analysis based on repeating patterns should spot this: ES-mini 30 min chart

CastAwayTrader February 27, 2026

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