After chopping around after the open, the market found a direction and started trending nicely towards Friday`s high at 1288. The market lost some steam at Friday`s high, so we`re currently trading in a range between 1285-1288, before resuming a direction.
My sectors ETFs are all in the green except for one, typical for a trend day.
The NYSE TICK is as positive as I have seen it in a long time. Someone is buying stocks. High readings are not able to push the market higher though. A warning signal? Or maybe we`re just waiting for volume (which has not been spectacular today) to lift the market later today?
The hourly chart has closed above 1285 and found support there, so that is a signal of strength.
I will look to make a trade based on what happens when we move outside the current range.