I hate markets like this–nothing is going on for a swing trader, and the day traders are gloating about the intraday moves. While I itch to make a trade, past experience tells me not to fire up the real time charts. Or, then I need to quit my day job because I find day trading far too consuming to focus on anything else. So, that said, I’m posting a daily and weekly chart of the SPY–both show price captured by the 200 EMA/SMA zone, and the coming squeeze as the volatility bands tighten. All I can say is that we’re going to get a nice move eventually, but direction is not clear yet.

On the over hand, UGL (same pattern as the GLD), the Ultra long gold ETF chart shows a telltale sign that price has hit resistance and been rejected. If we get a lower close tomorrow or the next day that will confirm a false breakout and we should correct. Note that similar tests of resistance that were rejected declined quickly. My choice for a move lower will be GLL, the inverse gold ETF.