ES1! As we analyze the current market conditions, we see a pattern of repeated rejection within the range of 6,663 to 6,671 in R1. We've also established a fresh sequence of lower highs on the 1-minute chart below 6,692, which suggests a potential rotation to the downside.
If the price slips below 6,668 and remains below that level on the 5-minute chart, we should anticipate a downward move towards the 6,656 to 6,650 area, with a significant support zone at 6,642 to 6,646 acting as a magnet.
From that point, we could see one of two scenarios: either a quick rebound back to the 6,668 to 6,682 range, or, if we witness failure at S1 with 15-minute closes below that level, we may drive further down towards 6,604. Let's keep these levels in mind as we continue our trading today.