ES (SPX, SPY) Analysis, Key-Zones, Setup for Thu (Jun 25)E-mini S&P 500 FuturesCME_MINI:ES1!MyAlgoIndexBias: Constructive, upside path confirmed after the 8:30 AM ET inflation block. Core PCE printed in-line to slightly cool (3.4 percent year-over-year, 0.3 percent month-over-month), headline was cooler than expected on the monthly figure, and growth and labor data came in firm (GDP final 2.1 percent, jobless claims 215k). With no hot surprise, ES extended its overnight gain to near 7,490, up about 0.85 percent, and is testing the first resistance gate at 7,491. The cash index reclaimed its volatility inflection near 7,400, which flips dealer hedging toward dampening and removes the prior downside fragility. The question now is follow-through: a break and hold above 7,491 to 7,500 opens the path to 7,535. No entries before 9:45 ET, let the opening range form. Resistance: 7,491 (prior high, 5-day average, 50 percent range retracement, first gate) 7,500 (call-heavy resistance zone) 7,517 to 7,531 (deviation band, 18-day cross) 7,535 (2nd resistance pivot) 7,540 (20-day average) 7,574 (3rd resistance pivot) 7,693 (early-June high) Support: 7,475 (overnight pivot shelf) 7,443 (central pivot) 7,389 (1st support pivot, target zone) 7,350 (2nd support pivot) 7,297 (3rd support pivot, one-month low, put-heavy support) Primary Setup: Long continuation. A hold above 7,475 with a break and acceptance through 7,491 after 9:45 ET targets 7,510, 7,535, and 7,574, with a stop below 7,443. A pullback that holds the 7,470 to 7,475 shelf is the lower-risk entry. Invalidation is a sustained move back below 7,443, which would open a fade toward 7,389 then 7,350. Watch the afternoon policy-committee speakers for headline risk.