Still Sideways - 2

On the daily chart of the ES futures, below, today was just an inside day with a lower close. It is hard to make too much more of it than this.

ES Futures - Daily - Battle at Line-In-The-Sand

Price is stuck pretty much at the 18-day SMA, ('fighting a battle at the line-in-the-sand'). So far, the daily pattern has lower daily highs, but still would require lower daily lows to establish a down trending swing-line pattern with the bias down.

The Bollinger Bands are traveling sideways as are the 18-day SMA and the daily slow stochastic. The daily advance-decline line lost a bit more ground, and volume is mediocre.

Tomorrow is Friday, and it will be interesting to see if the trend of 'every Friday up' is continued or broken. Economic reports due out include information on import & export prices and Consumer Sentiment.

From an Elliott Wave perspective, nothing yet has broken the pattern of a daily triangle with downward resolution, or the alternate of a daily contracting diagonal with further upside to go.

So far - on the slightly shorter term - the SPY cash 4-Hr tentative channel we have drawn in has been respected. See the prior post for more information at this LINK.

Have an excellent start to the evening,

TraderJoe