I'm showing the SPY here, but the DIA and QQQ are the same, they all had a squeeze set up today, the IWM has been on a squeeze for the last three days. The squeeze itself is still on a buy, it's +1.39, but the Woodies CCI has been on a sell for ten days now. It's funny but the Q's have held up the best but the Woodies CCI is EXTREMELY over sold at -260 after the one big down day today.
I'm not sure it means any thing, the last few squeezes took 8-10 days before they really started to rock and roll, the big move won't happen until we get on the Bollinger, either the upper or lower, and start to walk it in one direction or the other, it simply means the Bollinger's are starting to squeeze together in anticipation of a big move.
Interest rates, oil prices, earnings, GDP, wars, terrorist attacks, inflation, monetary policy, etc. -- NONE have a reliable effect on the stock market
By Elliott Wave International