New Market Upleg Ahead?

Good Tuesday Morning, MPTraders!  June 4, 2024-- Pre-Market Update-- For all of the volatility Friday, Monday, and now into Tuesday's pre-market session, my pattern work continues to argue strongly that Friday's (5/31) low at 5205.50 in ES and at 518.36 in SPY concluded major corrections off of their respective 5/23 ATHs at 5368.25 and 534.00. 

As long as last Friday's lows remain intact, my pattern work treats all of the upside and choppy action as the initiation of a new upleg that will retest and take out the 5/23 highs. 

For such a scenario to unfold, intraday weakness in ES needs to preserve yest's pullback low at 5246.7 and SPY needs to preserve 522.60 to avert downside continuation toward a test of last Friday's critical support zone at 5216 to 5205.50 and 520 to 518.35, respectively.

Conversely, a climb above resistance at 5307 to 5313.25 and 528.50 to 529.31 is required for ES and SPY to gain more powerful upside traction... Last is 5281.50 and 526.10...

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