I have been warning on my blog here that the markets are in a weekly sideways consolidation. Just look back over my posts. The upside in the U.S. market is very limited now. Fed speaker Bullard, who normally props up the market on dips, has come out and said that he sees mid year as a possible time for a rate rise. They won't actually do it of course, they just like to talk a good game, but the market is starting to take them seriously. Japan tried to raise interest rates once in the last 23 years and it was a disaster that they had to quickly unwind. Once you start with QE, it means zero rates and more QE. It is a zero sum game.
This is why I love Ichimoku charts so much. At a glance I could see exactly what was going on. On the 4 hourly chart there was a double rejection off the kijun sen and the Friday session ended with a test of the support. These charts are so easy to use. You just have to try them if yo have not already.
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