range bound

The range continues, with some vicious moves today. The Q's stopped just shy of $29.60 resistance (just above today's R1). The retracement from the morning's strong move fell into a triangle pattern that traded to the downside while chopping around Vwap for most of the afternoon.
The continued downside was awfully swift, moving price back down to PivotPoint support where a perfect little hammer reversed the trend to bring price back to vwap again.On a wider perspective, we can see today's move running up to previous resistance (a higher short-term high), while the swing low of the day coincided with the midpoint of our consolidation range and Friday's swing low ($28.80). Price currently sits wedged between the 20- & 50-EMA on our 15-min chart.
Here's a look at the 60-min chart where we find ourselves in a bearish looking wedge. With a breakdown of this pattern keep an eye on your ultra-short ETFs. Perhaps price direction from this point might largely depend on where the U.S. Dollar Index goes from here.