Tuesday, August 31, 2010

This may be my last update for the trading day

I do see what appears to be some building accumulation in the SPY, but more in the Q's and DIA on a 5 -min chart. Price action is in a consolidation, almost the entire day since the move of the opening lows, this could suggest we are seeing a quiet effort to move the market higher perhaps toward the last hour of the day. Again, it is a listless market and indicators are not highly reliable in a consolidation zone as they react to the swings up and down, that's why I used a 5 min chart to give better clarity.



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