Cobra's Market View Private Messaging System shows:
Today is an inside day, which means today's candle is completely inside yesterday's. As mentioned previously, inside day candle is like a string which stores energy, after a few inside days once the market breaks out it could be quite violent. Unfortunately, the direction of potential breakout is unknown today, so we have to see how it goes tomorrow.
1.0.3 S&P 500 SPDRs (SPY 60 min). The symmetrical triangle on the chart has not broken yet. By the way, the chart also shows the trading tactic of consolidation area breakout (inside days usually form a consolidation area). Basically the narrower is the consolidation area, the better. Because the stop loss for a narrow consolidation area can be more close, the risk reward ratio is more favorite. In fact, recently the market is very volatile, and the consolidation area that we see today is quite big compared with the ones in the past.
1.0.4 S&P 500 SPDRs (SPY 15 min). The gap on the chart has not been completely filled yet, and this is the first resistance SPX has to conquer should it breaks out at the up side. It has tried three times, and for the forth time it will likely succeed.
1.1.5 PowerShares QQQ Trust (QQQQ 15 min). QQQQ doesn't look so good because an important support was broken. However it has come back after the trading hours thanks to Apple's earning report. So the alarm is considered as off at the moment. Hopefully today's low will hold tomorrow.
3.1.0 US Dollar Index (Daily). US dollar has broken out the ascending triangle, but it's overbought now. A strong US dollar is a good news for the stock market, but a bad news to the commodities.