For the last week I used longer charts to clear out the noise and show the market was consolidating for the week. That's what I'm going to do here. First, here are the line charts of the SPYs, QQQQs, and IWMs to show the consolidation.
We're still firmly in the middle of a consolidation except for the IWMs which broke below support on Friday. However, there has been a great deal of bouncing around on the part of all the averages lately, so I want to see a stronger break before I call a break of the triangle.
Here are all three charts in candle form. I have kept the lines from the previous charts in the same place.
The markets have been extremely hard to read lately -- there is a lot of conflicting sentiment out there. The bulls have the Fed on their side while the bears have literally every other piece of data. Who wins is anybody's guess.