Today marked a second day that the ES daily futures stuck their heads up to the 18-day SMA, or the "line in the sand", shown in red in the chart below, and backed off from it.
One will also note that today was a "Doji" candle, with an indecisive mid-range close, that the 18-day SMA has a bear cross under the 100-day SMA, shown in green dashed, and that the daily slow stochastic is not in over-sold territory. A further observation is that the upper daily Bollinger Band is beginning to curl lower. Lastly, today's low overlapped Monday's 7,600 high bar, which puts some limitations on the count but not as many as I'd like to see.
There are still lots of ways this could play out - which may account for the current indecision in the candle. The market may be waiting for a story of significance before making another significant move. Meanwhile, we have showed some possibilities in the comments and have also been doing some local counting there, too. I'm happy to say that some people are getting the feel for it. Hopefully, others will come along.
Have an excellent rest of the evening,
TraderJoe
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