Dominant TF: Daily (and low intraday time frames)
Swings: DN-DN-UP
Market direction: congestion to mildly down.
Again, strong correlation sith SPY. Volatile environment.
60mins: congestion to mildly down.
After reaching a Fib PR2 on the up side, we are likely to go back to 812 which is also a Fib + MM level on the down side now. RUT is a little directionless ahead of the Fed announcement, but we have a negative bias so long.
Daily: Congestion - trading range.
the daily chart still points downward despite support found recently on 789. Watch for a Fib pattern forming either way, but there is a little bit more of a down bias right now. Until then, we can assume a trading range [797-828] within a larger one [781-855].
Weekly: congestion to mildly UP
Entropy is looking good, but MTFS indicates continuation of this situation of congestion with a very slight upward bias. We can note that we are again very close to a key level at this time frame with the Swing indicator oscillating frequently.
