Over the last week market volatility has dried up. We are setting up for a big move. Generally speaking the initial move out of a coil tends to be a false move most of the time. If by chance the Market does break out of the coil to the upside a touch of 9000 would probably be an excellent entry on the short side.
However I don't think I would look for a break lower to get long either. We are late enough in the daily and weekly cycle that we should start the move down into a major cycle low anytime now.
Market Direction Change
2 weeks ago