As many of you I'm sure would agree, when you look at different timeframes you can see setups that point you in different directions on the same instrument. It may be problematic in a way, at least in the short-term, but in this case we are at levels that may quite quickly be in agreement with one another. Have a look at the daily and the hourly chart below and you can see what I mean:
As you can see, the price hit the centre blue line ( the 200 day MA) and the top of the wedge formation I have drawn in, and quickly reversed. As a side note I am not really convinced that this is an ideal wedge to trade but it's neat how it and the moving average/volatility zones are working well together.
On the hourly chart it's an equally interesting story but one that will likely unfold much more quickly:
As you can see on the hourly, price has bounced off the same support level as was seen in the daily chart and is now pushing on the 200 hour moving average. A push above this average will be telling as to whether the index is gaining any significant momentum but on the long side this level would also be a likely stop-loss level for traders. Happily, if a peak forms at this level the stop-loss setup will be very similar for traders on the short side of the market.
I think in any case we are likely seeing the index trapped in yet another range for the time being which speaks volumes for the amount of uncertainty that prevails in the market in current conditions.