Dominant TF: Daily and low intraday time frames (60mins catching up)
Swings: UP-UP-UP
Market direction: Probably up, but check levels and new pattern forming.
Note: No significant change from yesterday.
Note: No significant change from yesterday.
60mins: mildly 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 mildly up but check levels carefully.
As said yesterday the daily chart still points a little downward but also seems to have acknowledged the 150 support level. The MTFS pattern is however not bullish, nor is Entropy. It is safe to say that it should remain in the 150 to 156 trading range, but we'll have to follow Fib and MM levels very carefully as a new pattern should emerge shortly (Fed announcement...)
Weekly: congestion to mildly UP - Very low significance level.
Entropy is looking OK, but for the time being MTFS indicates continuation of this situation of congestion with an upward bias.
