$ES Selling Has Arrived, But More is Needed

As an uber-bear, I am glad to see some selling enter the arena, however, we remain within this channel that bulls will identify either as a bull flag or the handle of a cup and handle formation.

I would prefer that it were a bull trap. But, until we clear it, we bears must remain cautious. While we have been striking lower lows in price, the RSI has been printing higher lows, suggesting that, at least for now, selling momentum is waning.