When you are placing trades intraday it can be possible to lose sight of the big picture. Here is a daily chart of the S&P500 index. Despite the drama of the FOMC minutes and surge in crude futures, volume was light. The market’s lull may soon be broken as we shift to Q1 earnings next week.
On the NDX (Nasdaq) side, a chart to consider is the BPNDX or bullish percent index. We can always go higher, but we’ve almost pegged the needle.