Narrow Range Continues...Bullish Signs....12.30.13

Another narrow range day with the DOW up and the S&P and NAZ down.  The M3 Trader says it clearly....all three ETFs have now faded to a no momentum status and have been negated by the algorithm.  What's interesting is the bullish hook that appears to be developing in the 2 day ALERT chart and both of the SPY based pairs charts.

I mentioning some of the factors favoring a short term bullish bias:  end of month, New Years holiday, year end rebalancing and lack of NYAD weakness.  The low volume environment in which all this action is developing makes for a rising risk situation and we saw a 5% pop in the VIX today..perhaps a harbinger of things to come.