Dominant TF: Daily, but mostly shorter intraday time frames
Swings: UP-DN-DN
Market direction: congestion to down.
Back to my daily snapshots after a great time in the African bushveld...
60mins: Congestion to down - Lower significance level
Entropy and MTFS point toward a minor fall or just a congestion within the current trading range. However 150 is now the upper resistance level, so one cannot discard testing lows again.
Daily: Down.
MTFS and Entropy do not look good and at this stage it is likely that the fall will continue until MTFS lines meet. We have to see whether the last bounce on PR2 around 145 will hold again.
Weekly: congestion to mildly down - very low significance level.
This time frame has such a low significance level it is pointless reading it. We can only rely on the Swing indicator as well as MM and Fib levels. For the time being, it is safe to say that we are in a broad trading range with a down bias. If 145 fails to hold, SPY could well test the 137.50 level for a 3rd time...
