#ES
#ES delivered a meaningful technical shift on Friday as price broke ascending support from its rising wedge and closed below the 100 EMA for the first time since May 2025, signaling that trend character is changing.
From a technical perspective, this downside break should because momentum had already been warning traders for months through persistent bearish divergence on both MACD and RSI, price continued making higher highs while momentum failed to confirm, a classic sign of weakening internal strength.
A rising wedge is typically a late-stage bullish structure where upside continues, but with diminishing conviction and narrowing participation, often resolving lower once buyers lose control.
The flattening 50 EMA had already been hinting that trend momentum was stalling, and Friday’s breakdown confirms that buyers are no longer defending trend support with the same urgency.
This marks a shift in chart composure: dip buyers who were rewarded repeatedly are now facing failed support, while prior support zones are likely to become overhead resistance as trapped longs use rallies to reduce exposure.
The focus now shifts to whether sellers can build follow-through beneath the breakdown, because unless bulls quickly reclaim the lost wedge support and moving averages, rallies may increasingly be viewed as relief moves rather than trend continuation as we move forward.
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