Some pretty major resistance levels are being tested by the Q's. I would expect some sort of pullback before breaching the 1450 level. Additionally, the indexes were up 10% over the past week so perhaps some profit taking will occur.
I boxed the volume levels because they have been so steady. I am still waiting for a huge volume day before any kind of intermediate (2-4 month) plan can be enacted. For now, I will continue to mainly follow the five and ten day charts for guidance.
A ten day chart:
The momentum is clearly up in this time frame; however, the lower range of the channel has been tested frequently over the past two trading days. Opportunities will certainly be there for those who are flexible enough. As always, risk management is job number one!
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