Tuesday, June 21, 2011

Be on the lookout for some intraday volatility

The short term charts suggest we'll see some intraday volatility, this may be of use to add to or initiate positions as the longer term charts remain inline or in positive positions.

 DIA 1 min still isn't confirming and looks like it will retrace some of this morning's gains

 The 5 min chart though is solid as are many other longer intraday timeframes as I showed you with the SPY big picture post.

 The IWM is also suggesting a pullback intraday

 However again, the 5 min charts are in line

 The 15 min chart is positive, so I view any intraday weakness as an opportunity to add or initiate positions.

 QQQ 1 min is starting to go negative

 5 min chart remains strong

SPY 1 min is starting to go negative here.

It just looks like we'll see some intraday consolidation/pullback, but I don't see it as a problem as far as the bounce goes.

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