Today's ES price movement was higher, then lower. But, it was not a full-on outside reversal day let alone a key reversal day. Still prices did have the odd structure of a higher high and lower close. What might turn out to be a bit more significant is that in tonight's overnight action the series is possibly on the verge of losing its embedded slow stochastic status. If, the red line of the slow stochastic closes below 79 by the close tomorrow it might set a different tone on the daily chart, below.
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| ES Futures - Daily - HH/LC Day |
If the embedded reading stays lost, then price and the 18-day SMA might try to come together again. Still, such price movement would not set a trend lower yet. Lower lows and lower highs below the 18-day SMA are needed for that. If that should occur - and we don't know that it will, then the lower daily Bollinger Band would be the first target after the 18-day SMA. Let's see how it goes.
Have an excellent rest of the evening,
TraderJoe
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