Despite the intraday drama, my preferred count is still intact and will remain so as long as 1041 area holds.
This is 15-min chart
Sorry for all the lines, I purposefully left them there for the post to emphasize why I think 1041 and 1061 are technically important. The area in between looks like a 20, 30-point band of indecision and struggle, or as I like to put it: a Chop Zone.
As we zoom out, we still see the same picture that the index is in a tight squeeze between 1041 and 1061. This is a 60-min chart
Notice the mid channel line. It's been holding the price
for the day,volume was above average, and breadth was negative
McClellan Oscillator does not look very hot. Summation Index has a sell signal.We have had a MACD sell signal for a few days. The sole up day these past few days was on pathetic volume. So, bulls need to do something very soon. Even if my current preferred count is correct, I have no desire to establish any new positions on the index at this time. I may trade small but nothing big for now.
Nas100 has been recording dojis. Today's was on higher that average volume.
The daily picture masks the extremely volatile intraday action
Not a very pleasant day for those who tried to time it, especially the shorters who walked into another daily squeeze bonanza
I happily was involved in the precious metal area, and major indexes were just a side show for me.
On days like today, it may not be a bad idea to step back and have a look at the bigger frames of action