Dominant TF: Daily and low intraday time frames
Swings: UP-DN-UP
Market direction: Probably up if support is confirmed.
60mins: up.
60mins: up.
SPY reached 153 as expected, and still has some upward potential, so one could well get back to 156. 154.15 is the next Fib level, which should be passed if we consider the strong Entropy and the positive MTFS.
Daily: Congestion to down. Check levels carefully.
Contrary to lower time frames, the daily chart still points downward but also seems to acknowledge the 150 support level. The MTFS pattern is however not bullish, nor is Entropy. There is therefore no reason yet to believe it will go much higher.
Weekly: congestion to mildly UP - Very low significance level.
Entropy is looking OK, but MTFS indicates continuation of this situation of congestion with an upward bias.
