DIA 1 min still strong
DIA 5 min falling apart, near a leading negative divergence
QQQQ 1 min falling apart in a leading negative divergence
QQQQ 5 min close to a leading negative divergence-doesn't look good
SPY 1 min falling apart
SPY 5 min in line only
XLF 1 min not great looking
XLF 5 min headed for a negative leading divergence
FAZ 1 min very positive, leading positive divergence
FAZ 5 min almost at a leading positive divergence
USO hasn't gained any ground
Same with USO 5 min
GLD 1 min hasn't gained any ground
GLD 5 min slightly negative.
SLV 1 min in a relative negative divergence
5 min in a negative divergence.
There could be some more upside tomorrow, but the underlying action seems to be bearish
6 comments:
How come the discrepancies between 3C's reading of the QQQQ, SPY and DIA Brandt? We all know that these equity markets all move up and down in tandem? 3C showed accumulation in the SPY all the way to the 10minute yesterday, but it hardly showed any accumulation in the DIA, and yet the DIA was up nearly 200 points today as well as the SPY up big?
Maybe because DIA and QQQQ are etfs and not the indexes. The volume on the etfs has nothing to to with the volume that make up the acual indexes the etfs are tracking. I still say the obsession with constant shorting is financial suicide. You guys are on the wrong side of the market, I used the sell off to reload my longs.
Can't tell you Mr. Pink, it could have something to do with earnings expectations/sector rotation, it's hard to know. I think the general theme is the same mostly.
OT. There are all kinds of different trade, I just posted a long 3 nights ago that's up 50+% in 2 days.
On the ETF's, they give the same signals 95% of the time as the averages when available, but the only average that has intraday information available for me to use with 3C is the Dow 30. In addition, after using this for many years and comparing, the ETF's give stronger signals and sooner then do the averages in 95% of the cases. I suppose trader sentiment could have a little to do with it.
Also Mr Pink, not sure what charts you refer to. I backed up the charts and looked at all 3 for yesterday on the close. The SPY looked the best, then DIA, the Q's ended the day looking the worst on the 10 min scale alone, but all that was needed was the 5 min to move today up.
Also keep in mind, the "failed" divergences only failed to move the market (1-5 min) it doesn't mean there wasn't cumulative accumulation. The Euro was largely responsible for holding the market down, it doesn't mean they can't accumulate along the way.
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