ES has formed a price channel (bright blue) overnight and is working on the critical decision wave of the channel.
This is the wave where ES either begins a top for the channel (purple scenario) or sets up a breakout into a series of melt-up channels (green scenario).
The melt-up set-up would be a break of the channel top, a partial pullback into the channel or retrace to the channel top, and then a breakout past the first breakout high.
Or ES can kill the channel right here by breaking out its bottom before putting in a new channel high.
If ES puts in the purple scenario, see the post “Critical Lines” for targets and support below. The green scenario would mean a larger triangle or megaphone is forming.