Bollinger Bands

Interesting markt today, I've been talking with some trader friends of mine and they are pretty confounded.

Lets look at some Bollinger Bands on the SPY

 This is the 10 min chart with BB's in the top window and a version of Demark buy/sell signals n the bottom window. You can see price has a tendency to bounce from the lower Bollinger band to the upper, back to the lower. Right now, it's pretty close to the upper band and we have a Demark intraday sell signal-this is a short term sell signal and doesn't effect the bigger picture we are looking at, except to say that this could be an indication of prices moving toward the trading range.

The long term 60 min hart is starting to narrow, this would imply a highly directional move is going to play out soon, being a 60 min chart, the move would be pretty big. You can see the buy signal of the DM indicator at the lows as well. If the price were to pullback within the BB's now, the bands would likely tighten more indicating a greater chance of that directional move. So long as a pullback to the trading range maintains accumulation, even on a break below the range, this would be a very bullish signal.