Swings: UP-UP-UP
Market direction: congestion.
Note: Virually no change from yesterday.NDX is still hovering around stall level, ahead of Fed rate announcement.
Note: Virually no change from yesterday.NDX is still hovering around stall level, ahead of Fed rate announcement.
60mins: congestion to upward bias.No significant change.
There has been some profit taking on 2218 which is a strong resistance level in lower time frames, indicating the stall level is definitely in place. 2250 is still the target but certainly harder to reach.The market remains bullish and even if Entropy has slowed down, the target remains in sight.No visible retracement but the market has been very volatile, and may be looking for a slight lower support to bounce higher (2203?).
Daily: Congestion to Up. Slow down in overbought territory.
Same situation:NDX is overbought, and each retracement so far has failed. Entropy and MTFS are holding well, so one may just try and reach 2250 (or stay at prior stall level around current highs).
Weekly: congestion to mildly UP - Low significance level.
Entropy is looking very good, but MTFS has difficulty adapting to such a strong run (U-shape pattern is not closing). We therefore have 'waves in overbought zone' which may justify looking at a higher time frame. It seems we're entering a period of congestion, at least compared to the seemingly unstoppable bull run we've had. Looking at MTFS, no retracement in sight just yet.
