A very balanced day with a narrow range. A doji daily candle. The market took a pause to build a mature balance. Usually, this type of a price action leads to a directional move in the following day. Watch for a conviction, a strong bar originated from the high value node around 2633-37. That conviction with a good volume should take the price above 2677 or below 2596. Recently, the correlation between the indices was high. They move in sync. However, if one of them shows its hand first that could be a first sign. Some observation: The bonds continue to rise, the institutions buy safe assets. The dollar was trending higher today. These two factors are not supporting the rise of the equities.
01/24/2019