I am not trading time based charts. I wholehartely believe same do althorhytms of leading market players.
We are in down oriented channel (about 60 pt wide) and until now price is extremely well respecting it. On Friday we were flirting with top half, today with bottom margin. I saw in 08 that get out to to top side of that channel is extremely difficult. Until we will break the top there cannot be any upside. That top is currently about 110 SPY, bottom 104. We should loose in average daily about 5 ES points. Price can bounce between margins freely.