Consolidation

After looking at the 3C charts in the first update my opinion was we were looking at a consolidation...

And consolidations they were. There are some initial signs now developing in the 1-2 min charts that are starting to go positive as the consolidation has matured a bit. All of the consolidations are a form of intraday bull-flag, they can be drawn several different ways as you'll see below, but all consolidations-when in doubt check out volume which should fall off in to a consolidation.

 A Bull flag with a more wedge like flag in the SPY

 A Bull flag with more of a triangle/pennant in the DIA

A true Bull Flag in the QQQ, consolidations should always consolidate away (in the opposite direction) of the preceding trend which was up (forming the flag pole), so these all fit the bill.