IWM is the only market that did not have an inside day on Friday and only because it traded above the prior high. The intra-day action was a steady decline resulting in negative pivot stacks in all but IWM and closes below the FTP in all. As a result the FTP and R1 levels are likely to be a key in the market watch charts today.
The markets have consolidated at key daily support levels to power a significant multi-day move in either direction. I'm not going to jump to a conclusion either way. I do think the bullish test I outlined in Friday's Focus List is still in tact but it was a set of clues that the market has yet to act on or reject.
An important view to help figure out whats next is the trend on the 60 min direction. I've made the moving averages (10, 20, 50) bold in the image below as that is the focus.
On the long side, note if the IWM's move higher they will quickly become nicely stacked and sloped.
On the short, the SPY and DIA, will become an accelerating negative stack and slope pattern if the markets head lower. And it will take some time, maybe days for them to shape up to be bullish.
The QQQ is tight and will quickly go to a bullish or bearish pattern with any significant move in either direction.
Patience. Trade the stocks in either without too much of a market bias, but be aware of how this pattern plays out so you you're not fighting a trend as it emerges.
~Long Focus~
AMZN
BIIB
CRM
FL
HLF
TIF
BIDU
~Other Long Charts of Interest~
ACOR
BEAV
BIIB
CMG
COG
DISH
HLF
JCI
MA
MCP
NFLX
OVTI
PLCM
TIF
VHC
DLTR
GR
ORLY
TSCO
UNH
BIDU
~Short Focus~
GS
MHS
~Other Short Charts Of Interest~
COL
GOOG
GS
MET
MHS
RIG
SNDK
SUN
SWN
AGU
BG
FLR
LVS
MOS
PNC
POT
