Breakdown Levels To Watch In Big-Picture ES Setup
ES-- The intermediate-term perspective remains centered on the Rising Wedge Formation and the Yellow Support Window, as illustrated on the attached Daily Chart, the latter of which spans from 5980 to 5900. If breached and sustained on a closing basis, the weakness will trigger significant sell signals in my work.
That said, unless and until price weakness inflicts technical damage to the Big Picture setup-- within an initial breach of 5960-5980 that includes breaking below my 8-Day EMA and the lower Wedge support boundary line, the bulls remain in directional control eyeing higher upside target zones at 6050/60 and 6090-6110...
Lastly, the next 11-day trading cycle low is due on Wednesday (6/11), which will have a negative influence on ES for today and tomorrow. If the cycle remains viable and if weakness fails to materialize by tomorrow's close, then the negative influence of the cycle dissipates and reverses from headwinds to tailwinds that will argue for an upside exhaustive thrust out of the Wedge described in paragraph 2 above... Last in ES is 6018.25...