Yawn?!

Today provided a lower high and a lower low on the swing-line indicator for the ES futures with a daily close under the 18-day SMA. This sets the daily bias as lower - at least for the time being.

ES Futures - Daily - Swing Line Lower

Some of the internal movements were a bit whippy, so it wasn't a total yawner - one had to stay on their toes a bit. But it is summer, and a lot of people have other things on their minds like vacations, World Cups, staying cool in hot weather, etc. So, less interest might be expected.

Still, from an Elliott Wave perspective, the current wave structure counts like it is unfinished, so it might be possible for price to target the lower daily Bollinger Band. Note that the daily slow stochastic is nowhere near over-sold yet. And price is still in a downward sloping parallel so lower lows might still be expected.

Have an excellent start to the evening,

TraderJoe