Heat Building from All Sides

On our updated very zoomed-out look of the S&P 500 Index hourly chart, below, since Labor Day, we can see the consolidation is seeing energy building for a move from virtual all sides. Price has probed down, up, sideways, and just about every nook and cranny one could imagine. 

Just as 2145-2150 is acting as a ceiling of sorts, bears holding price under 2135-2140 is turning into quite the battle below. 

Patience and a level-head are not particularly sexy and fun with respects to the glamorous side of speculation. But they seem to be prerequisites for navigating this slow, indecisive tape. 

Netflix is indeed a bull argument as a resurgent leader. But I suspect we need to see biotechnology stocks as a group put in a convincing low before the rest of the market has hold onto gains better.

More on that and the steel stocks' action in my usual Midday Video for Members.