The bad news is that SiriusXM looks a bit boring at the moment. The good news is that a pretty strong foundation continues to form. The even better news is that when this equity does decide to move it will happen quickly. At this point, if you are an active trader, you really gotta consider the concept of the train on a move leaving the station before you are on. If you recall, the last few moves have happened quickly, leaving little time to gauge the conviction of the move before acting. If you are long, you are sitting in the proverbial "cat-bird" seat.
The volume today was even less than previous sessions, and came in just above 20 million shares. That is very low volume for this equity. It means there is no real strength to the upward move and simple consolidation is ongoing. What we are looking for is a stark move in volume. A good first step would be 35 million shares. When that happens, note the direction, the resistance, and the EMA's. SiriusXM did not really give a strong test of resistance at $3.85, but did not really test support below either. The narrow range now is from $3.75 to $3.85. Pay attention at any time we are near either of these levels, and what the volume is when that happens. The action we are seeing is delaying the coiling of the EMA springs. At one point it appeared that there would be a week and a half of coiling. It now may take a bit longer. If the springs can coil tightly enough, we can see a dramatic move.