Weekly wrap

Well we made another week without a clear indicator of which direction the market wants to go. As you see by the three time frames in the charts below each as formed a bull flag or pennant. The daily did break above the resistance line and held for the last two closings but not with any serious strong conviction. The weekly has not broken resistance but is hugging it very closely as if it wants to go. if it does break that line it will be more of a sideways movement much like the daily for now. The monthly now confirms a pennant but since we are only half way through the month it is showing just that, a nice doji at today's close. I do like the fact that the weekly VIX has returned close to the 22 line where it has seemed to like resting most of the time since July. So which way do we play this from here? Cautiously, I lean slightly with the bulls but next week being expiration and only a four day week I may just sit on hands. I'll run my scans later this weekend and give you my list for March plays. As always trade to trade well.