Update

As mentioned last night, the QQQQ is outperforming the DIA and the Russell is doing even better, however, the IWM has shown the first crack in the trend across 8 of the 9 models I'm currently watching for a short term reversal. These are subject to change, but at least at the present time, it seems that some equilibrium has been found in the pricing structure, despite rising prices and it seems to be forecasting net distribution at this point. The SPY has not filled the gap and right now its gap is the biggest impediment to the markets moving forward. Just like we saw last week when the NASDAQ bros. broke out of their consolidation and the DOW and S&P refused to follow, there is a resistance in the SPY to fill the gap on the 15 min chart that has remained as resistance. The SPY is showing 7/9 models in a negative divergence. Watch for lower prices soon, whether this has fulfilled the intent of Wall Street which may have been to sell short into higher prices or not won't be established until later. In english, I'd consider taking any short term long profits and now seems to be a good time to establish a small % of any shorts you may need to fulfill your strategic goals.

This does not apply to UNG which is a long term long position although it will probably move with the market short term