Market Update

Still staring at the lines, as long as we don't get lost in them (meaning lose sight of the big picture).

While ES has been choppy...

For today's purposes and for any potential trades, there's pretty much only 1 timeframe I find to be interesting, it's the timeframe that will most likely give us a decent timing signal as to when this chop (at least today) ends and whether any positions/trades may be worthwhile today, that's the 5 min chart and here's a little micro (intraday) vs macro (big picture) presentation as to where we stand.

 DIA 5 min trend, leading negative, looks like there's been significant distribution in this flat range.

 DIA 5 min intraday is pretty much in line, a little more positive than in line intraday. Note the consolidation I mentioned would be likely and the continued move higher although not much as we are up six tenths of one percent in the DIA 0.06%

 QQQ intraday almost perfectly in line with price, for any position/trades, I want to see a big move here in 3C.

 QQQ 5 min macro trend, I don't think commentary is needed.

SPY was in line, a little negative now.

SPY 5 min trend.


More or less we are at what almost all indications point out to be a major strategic turning point, intraday we are just waiting for the tactical turning point.