Since July 1, the E-mini S&P 500 futures (#ES_F) have been trading within a broad range, marked by two key bull flags: one from 6230 to 6333 that broke out on August 4, and another forming since July 22 with resistance around 6415. Following a failed breakdown at 6344 on August 7, the market rallied over 75 points, reaching targets at 6415, 6429, 6439, and 6452. Throughout August 11 and 12, the 6410 level played a critical role as support, holding multiple tests and acting as a trigger point for further gains. The market continued to climb with precision, hitting successive targets at 6457, 6467, and approaching 6488. Analysts noted that failed breakdowns and bear traps have been key mechanisms for institutional accumulation, with the market structure building steadily to support the next trend leg. On August 12, the market broke out from a six-week balance area, surpassing the overnight all-time high of 6468.50. By August 13, the rally extended to 6488 and 6499, with a 100-point gain from the 6402 reclaim level. Support levels remained robust around 6477 and 6467, while resistance was identified near 6500-6510. Market outlooks suggested a neutral short-term bias with potential to test or exceed all-time highs, emphasizing caution on short positions amid continued bullish momentum.
$ES_F 6460.75-6470.75 = Aggressive Support; Buyers can maintain short-term control above. https://t.co/p9kttPL8av
Noon chop + post rally "hangover" for #ES_F as it digests a 100 point leg up from yesterdays 6402 reclaim long, which got to 6499 2nd target 6477 1st micro support as posted, been here 1.5 hours. Bulls want to recover/hold 69 lowest to see 6484, 6488, 6499+ again. 54 below https://t.co/gQORVfWRLa
After a 100 point rally from yesterdays 6402 reclaim in #ES_F, we've hit 2/3 of today's targets: 6488 1st, 6500 2nd. 1st microdip now. Don't overtrade, hold runner 6477 1st micro support as posted, quick grab below. 6484, 6488, 6500 remain above. 6467-69, 54 next supports https://t.co/uFTxsOhUWv