Early Update

I know it's not that early, but as far as the market right now, it is early in determining what the most probable intraday path is.

Part of what is making it difficult is the fact that all 4 averages look different, most have the same general theme which I would say would most likely be an intraday or near term range, I can only guess at it, but as of now for an average like the SPY I'd guess between $158.50-ish and $157.

In a range we can get a good feel for what's going on. That is what I expect as of now. Certain averages look better than others like the DIA I mentioned last night, again this morning it looks better or actually good.

Ranges can be dangerous things as they kind of lull us in to a sense of complacency or boredom, but they are most often the area you need to pay the most attention to.

I'm going to continue going through assets and see if there's anything odd sticking out. There use to be something called the morning range traders used and it was very effective, an a.m. range would develop and then the market would break over or below it and you had a good idea of where the market would close based on that. I haven't seen that for a while, but there are quite a few common technical patterns recently that are popping up in strange ways.

For now, it's just patience and gathering information.

I'll post some charts shortly.