In this screencast I show some pretty interesting price action on the 1H time frame. I've used the 'theory of curves' to average out price action.
The 1H is pretty risky now for trend following entries going south. The price action is looking rebellious, in that the bulls are fighting hard to keep this market afloat.
There are two amazing 1H ATR switches which suggest heavy bearish pressure. But never underestimate the owners of central banks and their friends! Politricks also affects sentiment - but you can't see that influence on charts. So, there are unseen dangers.
As elections approach in November in the USA, a crashing market is good for nobody. I'm expecting the 'plunge protection team' (PPT) may become involved. Don't under estimate them - they're very powerful. Some say the PPT doesn't exist. I'm not debating it.
If the PPT gets involved expect to see sudden unusual small trends north on the 3 to 5 min time frame. Often the PPT rides the back of positive news to avoid discovery. I've seen this too many times.
Nothing in this post is predictive. I don't do predictions.
Disclaimers: This is not advice or encouragement to trade securities. Chart positions shown are not suggestions. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
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Two other interesting higher time frame perspectives