I will repeat part of what I said in last Friday's weekly market update:
Intraday volatility has been varying wildly recently from large, swift swings to narrow, compressed ranges, with price moving on news events...making for schizophrenic and unpredictable moves...not surprising with the Major Indices and Sectors pushing up against major resistance on Monthly timeframes in overbought territory, as well as the unresolved "Fiscal Cliff" issue (and looming Debt Ceiling issue), seasonal factors (Christmas/Boxing Day market closures), upcoming unemployment data on December 7th, Options Expiration (Quadruple Witching) on December 21st, and end of Q4 on December 31st. I expect this type of volatility to continue until the end of the year, and possibly into next year...particularly, until the Monthly overbought Stochastics cycle has reversed and been resolved on the Major Indices and Sectors.
Based on market action, so far this week, (all of) my comments are still appropriate (as demonstrated in these updated 60 and 5 min market hours only charts of the TF). I have nothing further to add at the moment, as the markets continue to swing wildly in today's (Wednesday's) intraday action.