Dominant TF: 60mins & Daily
Swings: DN-UP-UP
Market direction: still mildly up.
The week ended on a quiet note, and little changed from previous day's snapshots..
60mins: Mildly up, congestion.
As expected, we've had a bounce around 2190. MTFS is in an incomplete V shape pattern indicative of a possible upward bias. The green line has dropped from latest highs. This limits the upward potential in the short term, to ~2220 first.
Daily: Congestion to Up, slow down approaching strong resistance level.
Apart the presence of a yellow bar, nothing much has changed, so NDX should creep up to previous highs, albeit considerably slower in comparison to what we've seen in the last couple of months. The rise may stall, but certainly no strong retracement in sight.
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). 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, but we have to watch how this divergence develops.
