$ES #ES-mini #five wave up #breakout
ES strongly spiked on CPI reading (even though CPI did not actually bring any good news for bulls).
That is how news work in the stock market. While in an uptrend the market often disregards bad news. Moreover, it reacts in a bullish way to a purely negative headline. “Lack of bad news becomes a bullish catalyst in an up trending market”.
The mormal target for this micro subwave c of wave iii up is 7,065:

ES-mini 2120 min chart
Yesterday we got freshly formed weekly support and resistance:

ES-mini 15 min chart
The morning push up has broken over the weekly resistance 7,012.50.
In an uptrending market the broken resistance works as a atrailing support.
This is why that level becomes teh key support now, If bulls defend that support they would be able to push ES up to the weekly R1 level = 7,060.50.