Game Plan For Today

The longer charts, the important ones are pretty shot, they look really bad, at this point the short term charts are intraday positive, so strategically I want to short in to the longer term chart's weakness, but short term charts' price strength and I have an idea of where the averages are heading.

I'll be looking at next week's IWM puts as well as some equity trading positions and hopefully some core positions, this is mostly short, but I think there are a few long opportunities as well.

ES-S&P Futures

 The 5 min chart is what is important in taking the weekly options positions, but the length or size of these divergences also shows another shift in character so I want to look at longer term positions wherever they can be found at a good entry, low risk and high probabilities. For now, this is more or less our strategic view.

 The intraday 1 min positive divergence in futures I warned of about 15 minutes ago can be seen here and it looks like futures are already moving on this divergence, this is good for tactical positioning, yesterday's QQQ puts were at a 40+% profit the same day they were opened because of where and when they were opened, no one would say the Q's fell so hard that this kind of gain would be expected.

 ES's daily VWAP, I would say we are headed at least to VWAP, maybe up to the top channel, the higher we can get in, the better, this is the same concept used with yesterday's QQQ puts, enter on momentum to the upside before it fails, that's what gave the 40+% profit.

 NASDAQ 5 min futures are in a very large negative divergence, like i said earlier in the week, there's a change in character and that was earlier in the week, it's more true now.

 We have the short term 1 min intraday positive as you can see so I want to use price strength and underlying weakness to enter positions.

Again, the target should be at least VWAP if not higher, we still have a lot of time left in the day so hitting an upside intraday extreme like the upper channel would not be surprising and would be very helpful.