2:35 pm EDT:  We’re seeing consolidation around VWAP and a break from the 910.50 to 914.50 range could see end of week continuation; however, most likely we’ll end with a fizzle rather than a pop today.  Per the earlier post, NQ bank index has broken out of the minor trendline resistance by merely staying put, while the KBW and XLF are still approaching resistance without breaking it.

Below is an update of the IWM:SPY and MDY:SPY charts we post from time to time.  The MDY (mid caps) ratio and IWM (small caps) ratio are each at resistance.  If they don’t break today or on a gap up Monday morning, we’ll likely see a reversion to lower support on Monday, with an eventual break one way or another deciding the next trend.