ES/SPX500 has formed a rising wedge pattern in the H4 time frame. This could signal an end of a bullish wave structure that runs from 2720 to 2820.
Once this wedge structure is broken, ES could be auction aggressively to the downside. We have seen the leader of this bullish run, NQ, has turned weak since yesterday, it would not be surprising to see ES to start a bearish rotation from this point on. One could enter an option position in anticipation of such a break at this moment.