Bugly

It's summer out, the trading is sloppy, and there's lots of bugs and flies and gnats along to interfere with otherwise great weather. Sometimes you want to swat 'em, sometimes you want to slap at 'em, sometimes you want to wave them off. Today's ES hourly count was a lot like that.

So far, price has extended upward about 50% of wave (iii) / (c), going a little further than it usually does - kind of like that mosquito that finds its way up your pant cuff to bite you around the ankle. The back & forth action today resembled the kids trying to rock you to sleep in the hammock, but maybe just getting you angry or spilling you out at the end. 

Perhaps there was an ending diagonal made on the hourly chart - as shown. If so, that would tilt the odds further in favor of completing the fifth wave lower. For now, the hourly MACD points lower. And today was another close below the 18-day SMA, so the bias is still lower.

Try not to let it get to you. Get some repellent if you need it. There's lots of news and earnings reports out later in the week.

Have a good rest of the evening.

TraderJoe