$ES1 / $SPX out of value: range VAH $7,791 retested as supportE-mini S&P 500 FuturesCME_MINI:ES1!WintawThe level The range VAH at $7,791. ES built value between $7,658.25 and $7,791 and has now broken out above it. Why this level A value area is where the market agreed on price. Leaving it to the upside says the old fair price is no longer accepted. After the breakout price rejected at the local fib extensions and came back to the old VAH, which is the logical place for a breakout to be tested. It held as support. As long as price stays outside value the market is still searching for a new fair price. That search points higher until price starts ranging again and new value forms. Invalidation Acceptance back into value: price trading and holding below $7,791 not just a wick through it. If it fails The breakout did not get accepted and the range between $7,658.25 and $7,791 is back in play. What would change my mind Price returning inside the range and building time there. Until then the read is upside with the old VAH as support.