Quick Market Update

I'm just about to post a more comprehensive market update, but nothing much has changed, I expect to see more lateral price trending than we have seen over the last week, the reversal process as reversals are almost always a process and not an event, such as a "V" reversal which would be an event vs. a rounding top or choppy lateral top like a "W" or rectangle.

Each of the averages is a bit different so no one average is a great proxy for very near term price movement, but I'd consider it largely congested. I suspect the market and the SPX in particular are losing momentum right now and about to make a turn lower back toward the lows of this morning, there they should gather a bit of strength and keep this choppy pattern up. In my view, trying to trade this particular area is very high risk, very low reward, at least for short term trades, this is more or less the reason I let go of the GLD position this morning, the same essential sideways-ish trend which I'll cover in greater detail in the post I'm working on now.

However again, I'd urge patience here, you can be long, short or chose to stand on the sideline, PATIENT. I think this is a time for patient, but it is also the natural progression of a move like this that was forecasted on April 2nd for last week and of course this week for the move to start its end and after that, we are looking at something much more volatile, easy to trade, etc.

I'll have more in just a few minutes.