Is Another High Level, Bullish Digestion Period Complete in the Equity Indices?

ES-- heading into the final 40 minutes of trading, let's notice that today's low at 2973.25 preserved last Friday's post-Jobs Report low at 2971.25, perhaps establishing a near term Double Corrective Low within a larger near term correction off of last week's new all-time high at 3006.00.

A sustained climb above 2985, which will hurdle the Weekly Pivot at 2984.00, will trigger initial signals that the near term correction is over, while a climb above 2991.00 will confirm that a new upleg already is in progress that should retest and take out 3006 in route to 3020/25 thereafter.

Of course, Fed Chair Jay Powell's speech tomorrow morning at 8:45 AM ET could influence the algos and the direction of the financial markets ahead of his semi-annual congressional testimony on Capitol Hill Wednesday and Thursday, and might reinforce the market's conviction about a 25 bps cut on July 31st.

But will Powell also give the impression its 1 and done? How will that play in Peoria, at 11 Wall Street, and at 1600 Pennsylvania Avenue?  Last in ES is 2980.00/25