It is a fierce rally since the start of the June month in ES-Mini Futures (US Market). However, if you look from the Big picture perspective ES-Mini made an All time high at 2961.25 and it is a failed breakout from the previous All-time high levels 2947.
One of the reasons we use market profile is to understand the market conditions and how the other players are positioned and what kind of trade opportunity the market conditions provide and where most of the other people are likely to keep their stops. At times the inferred data points from market profile reveal very high probability trade setups with a very good risk-reward ratio. Here is the interesting chart setup from S&P 500 Futures(ES Mini Futures) and the reason why in a short-term S&P500 will fall 50-60 points from the current level of 2792.
We know that S&P 500 Index Futures (ES-Mini) and Crude Oil is correlated most of the time at lower timeframes. But recently the correlation seems to be missing between the two, where the ES Mini started rallying and the oil started dropping below sub 66 levels that make me write about the correlation relationship between the two.
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.
ES-Mini on Tuesdays trading session is showing weak buying activity and last two days ES S&P500 futures are continuously whipsawing around previous week high which indicates a possible weak buying. Resistance is built around 2402.25. Price is whipsawing around the psychological reference around 2400.