Channel Surfing or Channel Changing...

5th Test of this Channel. This is a market with both bulls and bears lacking conviction. Given the fundamental backdrop this is really not too surprising. May well stay this way until we get into August. We may also see some stop running if we get too far beyond this channel support. I'm still looking for buying opportunities. The 78.6 has been the measure of almost every swing so, I like this pocket we're in now with a stop below the 78.6. If we get the turn in this range, this trade offers a 7-to-1 risk-reward. Keep the size lite given the backdrop and the more conservative can wait for the oscillator to turn.