Weekly Update: Looking Bullish

Above is the daily bars 3 LRs study for my little ETF basket, while below is the weekly bars 3 LRs study. It's occasionally useful to scale back your view of the the charts to get a bigger perspective on how far we've come.
On the daily bars the oversold RSI2 and stochastics are encouraging on all four charts and the 22,10 envelope channel is bullish to neutral across the board.
Two concerns are the downslope MACD and the recent holiday plunge in volume.
Of the basket, XLE and XLE appear to have the best upward momentum potential.

A little different story on the weekly bars, where the MACD is solidly bullish. Once again there's always a technical trade-off, and in this case its the anemic 22,10 envelope channel and the almost overbought level of the RSI2 in the Qs, IWM and XLF.
If the market does make a positive move the lower legs of the LR30 channels will provide the first major resistance levels to be broken. With another low volume week on tap, there's a high probabilty that we'll see some continuing gyrations before momentum finds a solid direction.