Today’s ES tout envisions lower prices, but be prepared to see a slugfest of sorts early in the session between the enfeebled bulls and bears who have made this summer so boring. The broad averages are trading almost exactly where they were two months ago, notwithstanding some gratuitous histrionics over that time. It would take a Dow rally of about 700 points to turn the intermediate-term picture bullish, but until that happens bears will retain the upper hand.
