Update on SPY, USO and SLV-Chart Request for NKE

NKE has earnings coming up so keep that in mind.

SLV

Still watching for a possible false breakout-or a pulback with indications of accumulation for a long position with a god risk:reward profile. The volume yesterday indicated churning, basically it's not good, it's just shares exchanging hands, but there's no real price appreciation associated with it. Typically it happens when smart money is distributing to retail.

The 20 min 3C chart shows this churning in the red box as distribution.

SLV on the 15 min timeframe-this is a great reversal timeframe and we are seeing a negative leading downside divergence here.

SPY

The 1 min chart showing positive (white) and negative (red) divergences. right now there's some lateral price movement into a negative divergence, I have to assume there's distribution going on.

SPY 5 min was in a leading positive, that has broken down a bit and I'm questioning whether this is going to turn into a leading negative as it has started to imply.

The important 15 min chart shows some good reversals, right now it's in confirmation which makes sense considering the 1-5 min charts have not resolved their intent as of yet.

USO

USO 1 min is mostly in confirmation with the exception of the 11:40 negative divergence that led to lower prices.

The 5 min is still looking positive here.

 

However, the 15 min has gone very negative and this trumps the 5 min. Unless the 5 min starts to really show extraordinary strength and bleed into the 15 minute, we may be close to a reversal in SLv. the next question will be "is this a pullback or a downside event". We can only tell when we get there. If SLV pulls back into accumulation it will set up a low risk long. If the distribution gets worse and SLV starts taking out technical support levels, then we can anticipate some nasty downside in which case you'll have plenty of time and downside to take on a trade. I'd wait for confirmation rather then trying to guess which way this is going.

NKE charts coming n the next post....