21 Nov 2014 - A 5 Minute Fuelled Day

Todays move was brought to you by the 5Min chart.  Although I feel short-term bearish at the moment, the indicators have not shown itself to be changing in any trend.  This could change next week as the 1min chart pattern breakdown looks to have a corrective rally from 1:30pm to close.  It can only be confirmed next Monday unfortunately.  Is this the top?  The ST doesn't seem to think so..

The PA indicated last night that we would accelerate up again and it has done that, and to new ATH... Again.  There are no long-term charts out there that can give us a definite clue to a turn around so "bears" need to be patient or play a small qty. long on any weakness.

I do not know if this is the top of the market, but based on Fib. retracements the lines look a bit awkward where they sit, so it looks like we will have to wait for this to be answered as well.  The intra-day chart seem to have pushed prices lower but have moved back to an uptrend by close.  This is important as we figure out which timeframe is driving prices and how long they would last. Based on my analysis, the 5Min chart was in control of todays market moves.

MT: UP
ST: UP
PA: NA

One thing to note is that todays "Daily Candle" is sporting a reversal candle.

1 Minute chart:

60 Minute chart: