11am update - the smell of weakness

Minor chop so far today, and the latest micro rally is probably a great opportunity for anyone to re-short. There is still a lack of direction in the market, but that could easily be a sign that we've topped out @ 1438.


sp'daily5

trans'daily

Summary

Transports is putting in a third daily spiky candle. Thats a VERY nice bearish sign.
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Choppy, but a close in the low 1420s..easily possible.

The multi-week up channel (wave'2 bounce) is set to be broken either today or tomorrow.