Base Building

Today's price action was uber narrow range, and from my daytrading perspective, offered few tempting entries.
Most of the indices showed dojis or spinning tops as the formation of the day and, following my stated bias for the bearish side today, the slight pop at the open quickly faded down to yesterday's closing levels and hugged the VWAP line for the bulk of the day.
What's today's action did change was the look of the lower and midpanel technical indicators.
Although today's price action was essentially neutral the technicals are showing bottoming patterns and an upswing in momentum on the MACD histogram, RSI2 and the 3&7 MAs.
An issue of concern is the brevity of the latest bear cycle and it remains to be seen if we are going to see a rally to the MACD zero line and above.
With the kickoff of earnings season, expect volatility to pick up for the next couple weeks as reality kicks in. For those looking for an excellent prognosticator of the earnings game, here's a link to Zack's, one of the best IMHO.