The General Market, as indicted by the SPY , may be consolidating. The Choppiness index level is low, which can indicate the start of a trend. With a new column of "O's", the new primary direction is lower. Time to put the Defensive team on the field!!
I view today's SPY 1.22% move higher as noise. The General Market (SPY) will have to trade and close above the 240 level to change my current view from Consolidation to Bullish.
The Market has tested the SPY 240 level and has not had the energy to break through. We 'll look for continued consolidation until a column of Green X's appear.
The Market continues to struggle with the SPY 240 level. With low energy as shown in the Choppiness Index coupled with persistent low volatility, we seem to be in another "time correction" as opposed to a "price correction". We 'll look for continued sideways (range-bound) consolidation, and play defense, until a column of Green X's appear.