As for the Bounce

Last night I mentioned I thought we'd see a bounce early this week. There has been improvement in the more important 5 min charts (we have been looking at the intraday 1 min charts mostly today). Still the 10 min charts haven't moved much, so far suggesting to me the bounce may be of a day or two, but isn't shaping up to be a major event as of now.

 DIA 5 min is finally leading positive

 QQQ 5 min is leading positive

So ais the SPY, note the positive divergence at the mid morning lows.

The chart pattern forming intraday looks like a triangle...

Because of this and the fact we broke below the flag on what should be a head fake, I don't see a whole lot of potential downside left, I will start to close out my remaining shorts a little at a time shortly.