I'm going to try to put together that video I mentioned earlier today as this is a complex subject, but I think very timely and extremely important if you are to put to good use the information we have.
My initial impressions are for some sort of consolidation Monday, perhaps just early in the day. The consolidation can be through time or price. I don't think it will last long and if there are well set up call positions, they should be at their best Monday. The reason I don't think a consolidation will last long is because the charts to support a longer consolidation aren't there, the process is mature.
IWM 2 min negative intraday has acted more as a consolidation through time than price.
The 5 min though keeps making higher highs, this stops around 10 and is totally reversed at 15 mins so there;'s a cap on an upside move as well, just more room.
SPY 2 min negative also acted as a lateral consolidation.
3 min is in line, thus there isn''t much that negative intraday to keep the market negative for long or in consolidation I should say.
Again the 5 min is making higher highs like the IWM.
And at 10 min, we are leading positive. If this move isn't ready now, well, I just don't see much more they could or would need to do with it to accomplish their goals because they aren't turning the negative 15 min and longer charts so it seems this is as far as things can go without a price move.
I'm holding everything, but will lighten the short term load as any move runs out of steam and look to keep it light as I concentrate on the trending positions.
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