SPY

Well, the Q's fared the best for the week, able to hold on to a good portion of the gains from yesterday. It was a very whippy day for those Q's, lot's of wick in those candles, with very steep retracements (people quick to take profits?). The SPY was a little calmer, but price just seemed to be acting very odd, particularly around vwap towards the end of the day.
I was watching the SPY today and took notice of something interesting to me. On a 10-point range bar chart I have plots applied to indicate volume breakouts (80% above average). I noticed these volume breakouts can just as legitimately create the patterns we look for in our charts. No rocket science here, just a way of possibly confirming what we're looking to trade.The 20-point cleans things up a bitThe Dow closed this week at it's lowest level since March of '03Can't wait to see how this chart turns out, we're half-way through this current candle

waiting on news?

We didn't give up any ground, nor did we gain any today in anticipation of the Obamanomics plan due out tomorrow. Price does seem to be positioned to react in either direction.
The Qs were very volatile today. A strong push in the morning brought price up to resistance before snapping back to vwap. There appeared to be a cup w. handle pattern take shape but momentum couldn't move it, so back down to vwap it is. Towards the end of the day we got a little inverse head and shoulders coinciding with what looks like a short covering spike and back to the previous rim of our earlier cup pattern.Higher highs and lows with pullbacks to near the 50-EMA brought some long opportunity if you were quick and decisive. Right now we're basing around the highs with lessening momentum on the spikes up.Where we stand for the year on the Nasdaq 100...pop or drop??While the S&P is poised below the 50-EMA...anything can happen...
OIH met up with some resistance in it's sideways channel...lower from here?
The U.S.Dollar index looks to be in trouble if it can't hold on from here...Gold (GLD) taking a trip to test support at the 50-EMAand to wrap things up...I'm now hooked on range bars....take a look at a comparison of today's price action in SPY, the first being a 5-minute candle chart, follwed by a $0.10 range bar chart (courtesy of MultiCharts)....once I was blind and now I see!