Friday, August 12, 2011

Market Update

 DIA short term 1 min 3C chart, note there's a triangle consolidation sitting just above the breakout trendline, I would expect a false upside breakout from this triangle and then a move below the breakout trendline, probably on increased volume.

 The 5 min DIA chart suggesting the same

 However, the big picture, looking at the most important chart, the 30 min 3C chart of the DIA is not only positive, but in a leading positive divergence throughout the base, a very bullish signal.

 QQQ consolidation triangle this a.m.

 QQQ 1 min 3C chart

 SPY 5 min 3C chart suggesting, as  expect and expected early yesterday, a break below the base's breakout trendline.

However, once again the long term 30 min 3C chart is very bullish and in a leading positive divergence through the base.

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