Going into the upcoming week, bulls would like to see it take out and then hold Resistance at around 17,000.
However, from there you'll note the prior 10 Day Sideways pattern(circled on chart) that will probably make it hard for any rally to sustain itself into that zone.
On the downside, there's nice support 100 points lower at the 16,860 level.
At The Stealthy Trader we wait for patterns to emerge and then reach into our deep bag of tricks(desirable stocks) and turn market movement into tradable actions..be it for a day trade or as long as our proprietary methodology dictate(See our ROYL trades)
It's not that we're never wrong, it's that we always have a plan, usually enter at optimum levels..so getting stopped out isn't a calamity.
Anyway, it's abundantly clear to us that trying to predict or explain, even the night before, why/where these markets are going is not only an exercise in futility but also likely a costly one.
Bottom line is if anything has been made abundantly clear in the past 10+ months is these markets have become completely unpredictable and can and will turn on a dime.
And that's why all our analysis and actions arise from what's happening at the moment..
So, perhaps it makes sense to stay close by....