Market Update

As I said in the last post, I always look for intraday volatility around important support.

 DIA 5 min a possible relative divergence or the 5 min chart just has not kept up with the speed of the drop.

 The 10 min DIA is hitting new leading negative lows.

 The 15 min is a bit negative, but pretty much in line.

 Here's the same situation on the 5 min QQQ chart as mentioned on the DIA chart above, except this is within a leading negative divergence setting new lows.

 The 10 min chart may be showing a relative positive divergence, or again it may not be able to keep up with the speed of the drop, especially as it is longer term.

 QQQ 15 min in new lows on a leading negative divergence.

 SPY 5 min is in line

And the 10 min is hitting new leading negative lows.

I personally may start to take some of the substantial profits on my shorts, not because I'm worried about a big reversal, but this is how I usually operate, pretty much the same way as Wall Street. However if I do, it would be on the order of maybe 25% of the position. If there was intraday strength and 3C was negative, I may even add that 25% back.