ES1!7397.25 daily is showing 7350 as the key support. This is the level bulls need to defend.

If 7350 gets busted, there is an air pocket all the way down to the 7150 area

SPX7354.02 rejected exactly where it had to reject: the upper trendline near 7.6K. That keeps the double-top risk alive. This was not a clean continuation breakout; it was a failed attempt into resistance, followed by heavier downside volume and another test of support.

For SPX, 7.27K is the line in the sand. As long as that holds, bulls can still argue this is consolidation below resistance. Lose 7.27K, and the next support is 7.11K. A clean break of 7.11K would confirm the failed breakout and open the door to a deeper unwind.

ES is showing the same setup. Futures are holding 7.36K for now, with 7.14K as the deeper support. A reclaim back toward 7.6K can happen, because distribution phases usually see volatility expand first, with price repeatedly tapping both ends of the range before final resolution. The tape is already warning: AI concerns, Apple price hikes, and semis selling off are hitting the exact leadership group that carried the index. Oil relief helps the macro backdrop, but it is not enough if the AI bid starts leaking.

This is a wait-for-confirmation spot. If 7.27K holds, bulls regain control. Below 7.27K on SPX / 7.36K on ES, the path of least resistance turns lower.