These charts are standing out a bit suggesting that maybe Wall Street is preparing to run a short squeeze.
Two important support levels were breached causing a huge spike in volume, but since the market has been pretty much lateral, we didn't see a huge sell-off on the broken support.
FAS has been positive on the 1 min chart since it hit the lows this morning and is now at the highest reading of the day.
FAZ-the bearish financial ETF is showing negative divergences ever since it hit its high of the day.
The TICK chart recently just hit the highest reading of the day at the white arrow-+1000 and is starting to trend up.
TLT which has been today's safe haven trade is in a leading negative a min divergence
The dollar loks like it's starting to come under some pressure on the 5 min 3C chart hitting new lows on the day.
XLF 1 min has been positive since it hit the lows of the day and is now in a leading positive divergence
And the 5 min XLF chart has shaped up and looks significantly better.
If you decide to run a spec. trade based on a possible short squeeze, just make sure you keep your risk management tight. The breaks below support seem common and don't bother me that much, but a break to a new low would have me concerned. Also anymore surprise news out of Greece would have me concerned.
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