Daily charts: This screenshot shows the daily see-saw action since Feb. 21/11...price is currently in the vicinity of an IHS "neckline." So far, price has bounced back above the 50sma (red) after being broken several times since that date.
http://www.screencast.com/users/strawberryblonde/folders/Jing/media/23765682-7f9a-4ebd-8ce2-f69195c74733
60 min charts: This screenshot shows recent price consolidation relative to the "neckline" area on the Daily chart...price is either above, below, or around it and is either above, below or around chop area from early April. The 50sma (red) X'd above the 200sma (pink) around mid-week (last week)...price is now contained within a tight sideways channel since then and is now near the steeply rising 50sma.
http://www.screencast.com/users/strawberryblonde/folders/Jing/media/beed5bf3-4116-499d-afce-d2ac95f13ae1
Tomorrow I'll be watching price action relative to the latest sideways channel on the 60min charts to see if any meaningful and sustained movement occurs outside of it on decent volumes in either direction...I'll also be watching to see if price bounces around in between the 50 & 200sma's. In any event, I'll drilling down to smaller timeframes for any further clues throughout my trading day. Volumes were generally lighter today...will see if the markets are willing to make a committed move before the Fed announcement.
