Monday Forecast

We are going to have a bit of steam blow off and waffling around without a very strong upward push. Lets look at the chart:

As you can see there are several things happening here that all add up to a big picture. While the ADX or the bottom indicator is below 15 (the thick black single line) which shows that there will be a change in direction, it is discounted by the fact that there is no strong trend in the cubes as they are walking sideways. The Williams%R is showing a weak bottom, perhaps more to drop ahead, There was a bottom signal thrown but it was next to another candle with a bit of a bottom tail, and that isnt a very strong signal.
So what does it mean? I expect more weakness and chop. If there is a push up monday it will be met with equal force downward, so I expect an attempted climb upward then a pullback. In short, nothing big, no upside breakouts. As a matter of fact, in order to get a clearer read on the market, I will require more data and that will come via monday's action. For now: Do nothing and wait and see what comes into focus on Monday.

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