I've always wanted to do a post whose timestamp matches an old Simon & Garfunkel album, so here we go:
Looking at the /ES at this ungodly hour, I'm glad I took my little 3 point profit Tuesday evening. We are well into the "mush zone" right now (in yellow) where meandering can be expected. I've tinted the target level in green. We'll see what the world looks like when we get there.
I will point this out, though. Even though we didn't know it, the bullish assault ended on June 5th (marked as 1). It made another attempt, but failed (marked 2). And it made another attempt, but failed again (3). And, since then, we've been in a soft, steady slide (which makes for trading so easy and profitable it brings a tear to my eye).
It's nice to get a respite, but let's see if the bulls try to wrest control again, now that we've eased 50 points off the highs!