The stock indices continue to trade in a mind-numbing chop, building Balance and heading closer and closer to an Initiative phase of development. This is a time to be patient and the best strategy is to go with the trend that should soon develop. The ES (and TF) are trading right at the mid points of their respective HVNs. Trends often begin from the HVNs so while this is a “sleepy”, uneventful market at the moment, be increasingly alert for the short-term conviction that will signal a larger degree move has begun.
