E-mini S&P 500 Futures Fall Almost 3% as $7,490 Support Breaks

By Daniel Okafor

E-mini S&P 500 Futures fell almost 3% for the week after Thursday’s sharp sell-off erased the week’s gains, according to crlmx’s TradingView analysis of CME_MINI:ES1!.

The move reset the near-term technical map. Crlmx said ES lost a strong support zone at $7,490, turning that level into the nearest resistance. The sell-off also swept the 29 July pivot low.

What did Thursday’s sell-off change?

The break gives $7,490 two roles across the same chart: it served as the strong support zone before the decline, while crlmx now places it first on the resistance list. The lost 29 July pivot low removes the prior structure’s reference point.

Crlmx lists $7,760 as the second resistance. Both $7,490 and $7,760 carry a class B rating, which places them in the same strength tier despite their different positions in the resistance order.

How does DPVA build its level map?

Crlmx coined DPVA, short for Discretionary Price and Volume Analysis, for the Chart Champions school of technical analysis. He defines the method as “A reactive level-to-level analysis and trading method based on HTF confluence and LTF action triggers.”

The definition joins HTF confluence with LTF action triggers. Crlmx also states: “A confluence zone is where several signals agree.” His grades measure the strength of those agreements:

• A: very strong.
• B: strong.
• C: moderate.
• L: local LTF signals only.

The hierarchy separates proximity from strength in crlmx’s setup. A nearby level can carry a lower grade, so the nearest resistance need not receive the strongest rating. Here, $7,490 is class B, while both lower supports are class C.

Crlmx puts $7,490 in class B despite its weekly level, HTF .618 Fib and range VAL confluence.

Where do resistance and support sit now?

Crlmx’s resistance order is:

• First: $7,490, class B. The level combines a weekly level, an HTF .618 Fib and range VAL.
• Second: $7,760, class B.

His support order is:

• First: $7,305, class C. It comes from a naked daily POC and an HTF 0.382 retracement.
• Second: $7,155, class C. It combines a cluster of monthly POC with a daily close at the 50% retrace of the March up-trend.

The class ratings keep the map explicit: both downside levels are class C, or moderate, while the two overhead levels are class B, or strong.

How far can continued weakness carry ES?

Crlmx says ongoing weakness could send price to $7,155, presenting it as a conditional destination rather than a guaranteed outcome. The route starts at $7,305, where the first support sits, and then moves toward $7,155 if weakness continues under crlmx’s map.

Measured from $7,490, $7,305 sits $185 lower. The $7,155 target sits $335 below $7,490. The gaps provide two separate downside markers, one at each stage of the support order.

The map separates the immediate resistance from the full downside sequence. A move back above $7,490 would address the nearest level in the chart. Continued weakness instead leaves $7,305 and $7,155 as the ordered supports crlmx has identified.

What does the Elliott Wave update add?

Crlmx schedules the next Elliott Wave update for the week commencing 09.11. No year appears in the chart note. The post does not publish a new Elliott Wave target in the current update, leaving DPVA to set the explicit price levels.

The next stated checkpoint is the week commencing 09.11, when crlmx’s scheduled Elliott Wave review may alter the map that now centers on $7,490 overhead and $7,305-$7,155 below.