Chop Continues As Expected: SPX Building a Triangle Setting Up a Major (Seasonal?) Move

On my last update Friday evening, I said to expect more choppy action with 4450-4530 being the chop range (4485 mid point) and this could not have proven more true. While last update was Friday evening, ES has gone nowhere since, just playing ping pong between the levels with that 4485 being key. Todays action and Friday’s action are what consolidation look like in real time: Moves in a fairly small range that have little to no directional follow through, serving mostly as traps for chasers. Fortunately though, these periods result in the most explosive trend legs. Here’s what I’m looking for now (and seasonality has something to say here too which I will be getting into)