Market Update

The last post, Opening Indications" I ended it with this paragraph,

"I do think there will likely be some opportunities opening today, VXX looks to me (and this would go for the entire market) that it's reversal process would call for at least 1 more intraday pullback, that may be a good area to initiate or add to a VXX / UVXY long or call and obviously the exact opposite for the market averages."

That's what is happening so far, again the possible Friday pin is a consideration so keeping an eye on the market in this area may yield some trades that may be worthy of consideration, I mentioned VXX /UXVY and the market averages, GDX and NUGT would be another 2, actually there are quite a few, but let me show you what I expected just as  a part of a reversal process (so this is more of a broad market concept) and what we specifically want to see as an edge for a trade (and that may not really emerge until the 2:30-3 p.m. hour as is often seen on Friday's.

 ES 1 min intraday leading positive, this would be the move up that would send VXX lower as mentioned above as part of a reversal process which is about symmetry and proportion, at least that's how we can judge it, but those are both a function of the character of how the asset trades.

 SPY 1 min isn't positive, but it is more positive than it was.

However at the 3 min chart we can say that the 1 min chart hasn't had time to migrate that far and make this chart look more positive or more likely that ti won't and this is showing the higher probabilities intraday of an intraday bounce, but ultimately more downside is coming or lastly that we'll have a kind of op-ex holding pattern.

VXX 1 min (trades opposite the SPX) is positive, but 3C is pulling back as expected as noted in the last post.

At this point we have to consider the probability of a run on stops below the intraday low or nearby support a bit lower in several assets including GDX/NUGT.

 VXX 2 min isn't really effected at all, this so far is confirmation of the SPY charts above.

And the TICK for today hitting extreme lows on the downside of < 1250, so far not quite +1000

I think it's about patience right now and letting high probability trades set up rather than just try to jump in to the higher probability trade.