Waiting for a decisive turn in the 'bigger picture' can be a real pain, today is a good example. Opening moderate gap higher...bears get kicked...bulls sucked in....then...reversal. Everyone annoyed..well, aside from those few who shorted the opening move higher.
Daily cycle - today is day'4 down, still suggesting at least a touch of the lower channel of sp'1330 or so, but the hourly cycle is a mess, and the weekly is still inconclusive.
We remain in a broad up trend..but currently in a down cycle, which may..or may not break the lower channel. There is NO clarity yet.
A real mess of a morning, it still seems like there is still a high probability we'll at least test the lower channel line this week, whether we break it..that's the ultimate issue right now.
VIX is red again, so thats another problem for the bears.
One notable issue ..again, IWM, black candle, warning of the opening fail. I wasn't watching closely enough.
Time for lunch!