Market Update

It looks like we are going to get a bounce, I started to see this (and mentioned) first yesterday in the IWM, this looks to be an intraday bounce and honestly I'd rather see it sooner than later. Typically there's about enough time in the day for 3 trends, a.m. trade, early afternoon trade and closing trade, I'd rather the bounce be done by closing trade and the market be heading back down by then.

I'll show you in the Q and IWM as they are the most well developed, the SPY is positive for a bounce in the 1 min, it's neutral or inline at 2 min and in line at 3m. So as you can see thus far, this isn't bounce as in days (at least with what we can see right now.This also is not the reason for closing part of the VXX position, as much as I love that position and I do, I went to big on it when we got a dip/discount as the signal was so strong I just couldn't pass it by and I'm glad because it's a 30+% position. If we were to get a pullback there and another signal that strong, I'd probably do it again, but I wouldn't want to carry that kind of risk very long.

 QQQ 2 min positive.

 QQQ 3 min negative, thus far it is very delineated, no migration to the 3 min chart and right there firmly planted in intraday timeframes.

 The IWM is the one that actually looks the best, not because of the 1 min positive, but the rounding process.

This gives you some idea of scale, if it were fully rounded from here, I'd guess the move might bounce to the yellow hash mark.

Of course thuis is early, this could grow, or quite honestly this could be run over.