The sheer size of the price candlesticks on the daily charts of the major averages point to increasingly violent indecision in this market, as bulls and bears alternate turns on a daily basis holding the initiative. I will flesh out what this means over the weekend in my Strategy Session for 12631 members, as well. The market resembles a sloppy, aggressive driver right now on the road–All over the place.
In the meantime, keep an eye on the small cap ETF on the 30-minute timeframe. Today’s bounce is still not negating the damage done of late.
To my eye, $112.11 above is the first major line in the sand.
With today’s squeeze, I am still staying off the short side in equities until next week.