Tuesday continued the somewhat complex sideways move that began at 2005 a week ago, and while there are a lot of options still on the table, there are now some clear levels to watch.
Let's get right to it via the SPX 2-minute chart. My personal trading really pressed me for time on this update, but I've nevertheless detailed the options in detail (in a detailed fashion), along with the qualifiers for each option on the chart below:
Instead of reiterating all that on the 15-minute chart, I'm simply showing a representation of the conventional impulsive rally for wave (5). This should not be construed as an "endorsement" of that count until SPX breaks 2011.
INDU presents an interesting pattern, one that should be watched in conjunction with SPX:
In conclusion, the market has left myriad options open, but the pattern allows us to put qualifiers on those options, and we should be able to narrow them down directly during today's session. Trade safe.
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