DIA 1 min, Still negatively divergent, there's some slight improvement recently. This could be more of a consolidation then pullback. Stocks consolidate in one of two ways, through price or through time, thus far this has been a consolidation through time.
The 5 min chart still looks like it wants to pulback.
For any one holding long positions, the DIA has improved and should have upside during the days ahead.
QQQ 1 min. is still negatively divergent.
QQQ 5 min is close to inline, but slightly negative.
The 60 min chart again shows there should be more to this bounce then just a 1 day wonder.
The SPY briefly hit a new high, volume didn't pick up much so I don't think it's the false breakout we'd expect to see before a pullback.
The SPY 1 min 3C chart looks like there was some distribution at that minor breakout I mentioned, we'll see, but it seems like a pullback is still in order.
The SPY 5 min chart seems to support the pullback view.
The IWM also saw a slight breakout above resistance with a negative divergence there. Since the IWM has gone into a consolidation triangle.
The daily chart in the IWM is now positive, which is quite an achievement for a bounce. This is why I think this bounce will have some legs.
USO has gone negatively divergent at the highs. We should see some downside/pullback there.
If I'm holding long positions already, I'm inclined to hold during a pullback and maybe add a little. If I'm flat, I'd prefer a pullback to go long, but in the big picture, I don't think it will matter too much whether you wait for a pullback or pick up some shares here.
A Pullback just allows us better positioning at less risk.
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