Daily is going to have to get serious here if it is to rally, the Breakout Resistance lies at 181.74 and failure to exceed that intraday will warn of a start of a loss of momentum. Making lower highs here isn't helping it. If it can't make it up past the high intraday, put in on the 15th in two bars then you will likely see come back and test these lower lines again. A break and a hold of the next downtrend line above will get you to the next. The weekly chart has the weekly high pivot at 181.49 so it may give the market a chance to test the daily breakout resistance at 181.74...and would be bullish if it could push through that and have it hold the pivot. On the daily we are currently trading above a daily pivot putting it in a bullish stance. The very top downtrend line above lies at about 188.50 for the breakout. Any break of Friday's bar would probably see the lower lines tested...maybe as low as 172.70.

Timing wise our key target was Friday 30th, we had a green trading cycle which normally establishes a high and this should have been a red bar...It is a red bar though on a Relative Close study. The strongest target on the array is the 10th for a turning point, at least on a closing basis. The 11th is a turn date with the low agg and the 12th is looking like a turn date with a directional change attached. looking at the internal volatility it seems to be stepping up this week and even higher the next week...Something is up so be careful you don't want to be on the wrong side of a strong move.

My bias is to the upside...I know that it is not good to be bias. Best to be neutral and figure both ways. If one was hedged this market and could take the pain of going up and testing that top downtrend line, you still would need to worry about breaking that line and having to cover up there. I think if you would exit any hedge here on any breakout to the north you could always put back on the hedge if it happened to come back down break lower. I'm not an expert at hedging though, as a trader I would prefer a short here, being how high this market is currently. If I were to go long this market to play this move to the top downtrend line then I would be looking for a move to close over a tentative bullish reversal located at 178.90 and I would protect this long with a close below off a tentative bearish reversal located at 177.20.

That's it from the top-down...All thoughts are welcome.