Bearish and overbought 15-, 5-, and 3-minute charts. 60-minute still bullish and oversold. Suggests a little down and then bigger up.
tough trading today... most intraday drawdown in a month or 2.... Could possibly be profitable on the day if we have good afternoon session.
Still in a downward-drifting congestion pattern that looks bull-flaggish to me. I expect this to continue for awhile, as I'm not yet seeing bullish divergence on any of the timeframes shorter than hourly. I'm on the lookout for a possible upside breakout later in the session with a strong close, setting the stage for a good short entry. I'd love to see 1480 late in the day.
This seems too soon for a big breakout, but they're obviously trying hard to make a new HOD and run some buy stops. EDIT: Damn if they didn't actually do it!
Retesting yesterday's HOD here. Prior swing high 1476.50. Measured move target 1483.25. Upper price channel trendline ~1480. Nice confluence for a short entry.