Today's view of YM, ES, NQ & TF during market hours...

Below is a 4-hourly chartgrid of the YM, ES, NQ and TF. Overlayed on it are longer and shorter-term regression channels. I've referred to these channels on this timeframe in prior posts recently. I would note that the shorter-term channel has shifted from uptrend to downtrend today on the NQ and TF, while the ES has flattened out. Currently, price is hovering around the -1 deviation level on all 4 e-minis on the shorter-term channel. A break (and hold below) the -2 deviation level with conviction would be bearish and could set up a second leg down...particularly below the swing low set on August 8...I would also add that this "hammer" hasn't been retested yet...in my opinion, it needs to be retested because it was set outside of market hours and doesn't hold much weight.