Looking at the hourly chart, the market has been stuck in a range between 6700 and 6775 that it has bounced between multiple times since the beginning of the month.
Negatives continue to build. This has been the slowest moving train wreck I have watched in a while. It is possible this is a consolidation for a move higher. However, it is more likely a top forming for a pull back. I am still sitting on the sidelines with the exception of the short trading strategy I am testing. Results have been good enough for me to up the dollar amount used starting today. I am interested to see where this goes!
Assuming the market does pull back a bit, there is nothing indicating it will last for very long. It will be nice to have one more greedy push by the end of the year.
Looking at my general market tracking, the market really needs to reverse quickly if it is going to move back up. Otherwise, the floor is about to drop out!
