The S&P 500 futures (ticker $ES_F) have experienced notable trading activity over the past several days, characterized by multiple failed breakdowns and reclaim levels that have driven a rally above key resistance points. Since May 13, the futures built a large inverse head and shoulders pattern with support around 5850 and a neckline near 6000. On June 5 and 6, the 5975 level acted repeatedly as a critical support and trigger point for upward moves, with targets at 5985, 5994, 6000, 6014, 6029, and 6047 being hit. The market saw a 50-point squeeze following the reclaim of 5975, and the 6000 level was tested and established as new support. Analysts noted that as long as the futures remain above 5975, further gains toward 6056, 6072, and 6170 are expected, while a failure below 5975 could lead to dips toward 5920-25 or 5850. The trading range has been marked by persistent support between 5956-61 and resistance clusters overhead, with spectral moving averages rising to support the price. Meanwhile, the S&P 500 index itself is trading near all-time highs around 6000, with a price-to-earnings (P/E) ratio fluctuating between 21.3x and 30x based on recent operating earnings of $57.80 per share annualized before tariffs. The equity risk premium has declined to 240 basis points, close to 23-year lows, indicating historically expensive valuations. Market sentiment remains bullish, supported by options positioning with a positive gamma wall near 6100 and put support around 5600. Investor positioning is described as light, suggesting limited downside pressure unless macroeconomic shocks occur.