ES is testing the upper support that is currently located at 3,789.40.
ES has been holding over that trailing support since Nov 4th.
That last push higher has been contained by a narrow channel and that channel is very vulnerable in terms of potential breakdown.
But the market likes to play evil scenarios where price first plays a fake breakout going over the upper trend line that is immediately get faded and then violates support provided by the lower trend line.
Bears need to violate that support at 3,788.50 to bury that “one more high” bullish count. Bulls still can push ES to the Red Target box shown on 120 min chart below.
Under the bearish count shown below ES has already topped and started the first a-b-c move down that may find first strong support at 3,650.
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