Market Update... Still Rangebound

To be clear I don't see anything that has changed in any profound sense, for instance the 30 min charts whether the Index futures, Crude oil , The Yen or the $USD all have suggested a strong move, I think we are already in the early stages of that move, so as far as that goes, I don't see anything that is standing out or changing that view.

Intraday it has been choppy and more or less like a range, as I said, these are very dangerous as traders get bored and don't stay on their toes and these are often the areas where you have to be most vigilant.

That being said, the intraday charts are not being contradicted in any way, they are just as "Blah" as intraday trade is so there's nothing unusual there.

For instance as mentioned before, take a look at the TICK chart.

There was a short, early trend, but since it's just wide chop, mostly on the bullish side as TICK has hit +1250 and is around the -500 to -750 on the downside, so while this chart looks and feels like the market, a closer inspection does show better intraday performance among stocks in general.

I think this is probably a pretty normal consolidation, traders will get bored and take positions according to their beliefs about the market, that may in fact be what part of this is about.

I did say I noticed the averages showing better intraday signals, I also see HYG credit looking better, this doesn't rule anything out like a run to the lower end of the range, but it is these signals that will really give us a good idea of where we go next and about when (on an intraday basis), as I already said, the probabilities for the next identifiable trend continue to favor a nice upside move.

Even the VIX Futures look "Blah".

One word of warning, these markets that seem boring, can change VERY quickly. I've often wondered if they shouldn't be classified as a form of market manipulation by Wall St. or at very least, a market concept beyond the "Technical" description of "Consolidation".