Dominant TF: 60mins & Daily.
Swings: UP-UP-UP
Market direction: congestion to mildly down.
Again, strong correlation sith SPY. Volatile environment.
Swings are UP again, indicating we are close to a key level.
60mins: Up, but strong resistance level is close.
MTFS and Entropy are undecided with a remaining upward bias. A clearer pattern may emerge once we have tested a resistance level and MTFS lines finally regroup. For the time being, MM resistance level is 828, the next ones being about 15 points apart.
Daily: Congestion with upward bias - 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.
