Wednesday's ES strength ripped above the May 10 high at 2079.75, which invalidates the March-May head-and-shoulders Top formation and re-labels the advance off of the May 20 low at 2022.00 into Wednesday's high at 2092.00 as a new up-move within the larger, still-unfolding up-leg from the Feb. low at 1802.50.
Based on my near-term pattern work, ES should rest-digest its 2022 to 2092 (+3.5%) up-move in a range between 2095 and 2070 prior to my expectation of the emergence of another up-leg that propels the price structure to take out the April high at 2105.25 in route to a test of the May 2015 high at 2134.
As for crude oil, following the API and EIA headline builds in supply, prices are very subdued and back below $49, which to me appears to be sign of near-term, upside exhaustion. That said, to inflict some downside traction, Oil must break and sustain beneath $48.00.
