The thing to note is the sideways consolidation of yesterday and today(so far).
Also, the many failed breaks below 17,300 area as you just know that the Bears are waiting to pounce on short opportunities..which aren't really following through so far.
So, what are we consolidating from?
Well, either we're consolidating after the recent drop and coiling to break below or on a more macro level, consolidating before another bull run-up..
Either way, as this past Tuesday's action reminds, when you have a micro/macro battle going on, sometimes the safest place to be is on the sidelines.
More to follow for sure...