Today was probably the most boring day I have seen in over a year. It seemed like nothing could gain traction and moves to either direction were snuffed out pretty quickly. I have to give the bulls the benefit of the doubt due to the persistence of the previous trend. Here is an updated hourly charts of the Q's. Notice that they are starting to make higher lows and indicators are starting to come of oversold status. We could have a little bounce into expirations.
PEIX fell out of the triangle a few days ago, but is at much stronger support. I am watching for the first move higher.
CPX is even more dead then the indices. Watch for the move out of either side of the triangle.
CERN held strong today and made a higher daily high in fact. If it continues higher tomorrow then it might be ready to take a trip to the upper band.
If you haven't had a chance to check it out, the HighChartPattern team was interviewed on stocktickr.
Good Luck,
DT
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