Technical resistance in ES-Mini S&P Futures built around all time high . Price is currently whipsawing around the psychological reference around 2400 multiple times on Wednesday trading session. On the hourly timeframe trend exhaustion is witnessed and whipsaw on Wednesday is very frequent around prev day RTH session high. Overall short term rally from the recent swing low of 2344 looks tired and possibly it can test the reference back.
Volatility $VIX is largely dead however and currently trades around 10.21(-4.94%) . Increased volatility is the key towards near term weakness. Short term indicates weakness and price acceptance below 2400 indicates a possible downtrend setup towards 2450 reference in the very short term.
Regular trading session holding below 2400 psychological level with lesser whipsaw remains the key for the short term downtrend to happen.