Market Update

I would be using any strength above what you may have sold your partial position earlier today, to add some shorts back. I do think we probably have some more intraday upside so I would try to be patient or add in very small increments if your portfolio size vs commission cost makes it feasible.

The charts all reflect what I was looking for early this morning when I took partial profits on my short positions to re-open them at higher levels.

Here's the move in the SPY, retail is chasing it here by the looks of volume.

 SPY 1 min still strong.

 The 5 min chart demonstrates that the strength we have seen on the 1 min chart has not bled over to the next longest timeframe, meaning this doesn't appear to be any more significant then an intraday bounce.

 The 10 min chart is bearish and in line

 The 15 min chart is very bearish in a leading negative divergence.

 DIA 1 min still strong

 The 5 min chart shows no hint of that strength migrating, which means this is a contained bounce and we should have more on the downside to go once it is finished.

 IWM 1 min is in line

 The 5 min looks very bad, this is one of the first I would add to on strength via SRTY long.

 QQQ 1 min still leading positive

 There's a hint of some strength on the 5 min, largely because of APPL's weight.

The 15 min hart leaves little doubt where this market is heading.