ES1 outside upper BB on daily and tagging R1 at the 1.618 fib ext from that 3 drives. We see a flag break and measured move takes it to 2188.25; however, right now the divergences are supporting it.
CCI overbought, SLO STO putting in a lower high and RSI showing a divergence thus far.
I see two scenarios.
1. We tank Tuesday supported by rate hike talk and disgruntled China. A long weekend where US investors can't even touch positions until Tuesday.
2. Grind up to the 2109.50 area to complete an 8-9 accumulation pattern setting up for a secondary test at 1860.
I can see #1, but #2 is most likely and aligns with other charts I'm looking at. IWM $116.08 and QQQ $112+
VIX may reach 12, if so, I'll load the boat.
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gLloW
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I'm currently refining an idea that follows your scenario # 2. I believe that we go up for the first few days of this week and then we begin the downtrend to the mid 1800s... I believe the May jobs report is out Friday June 3rd, that may be the news catalyst that finally pushes us below the uptrend channel ... and we have some significant bearish divergences on the Daily that need to pay it's due once the Day wave turns over.
gLloW
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I'll also add that I believe the dollar is about to undergo a small pullback for the next 3 or 4 days and then begin a strong uptrend. That DXY uptrend could contribute to pulling the S&P down below it's current uptrend channel