Triangle Options

Looking at the 60min chart we are seeing it failing to hold as either support or resistance this week. SPX is making lower highs and higher lows. I'm thinking that SPX is forming a large triangle here, and I think that there may well be a smaller triangle formed within that triangle. SPX 60min chart:

In terms of the smaller triangle SPX, NDX, RUT and NYA all gapped over triangle resistance at the open. Dow looks a bit weaker and TRAN has reported that it's still sunny on Planet TRAN. On this opening setup I'd either expect a hard fail after a high made in the first hour today, or move to the triangle target in the 2120 area, followed by a retracement back into the 2095-2100 area and then most likely lower.  Scan 3x 15min SPX INDU TRAN charts:

Scan 3x 15min NDX RUT NYA charts:

I don't have any particularly strong feelings on direction here, apart from a generally bearish bias over the next week or two. If we see SPX break over the 2114.24 high, I wouldn't be looking for a big break. This remains a range bound two way market.