Thursday, October 13, 2011

Full SPY Update

I have a lot of charts to look at some I'm updating all the SPY timeframes, but I don't have time to do the same for all 4 averages, although they are all pretty similar, except the SPY 15 min has been generally stronger the most of the others.

 SPY 1 min 3C had a positive divergence that sent SPY somewhat lateral, there's a possible second divergence building which could be an attempt to fill some or all of the gap.

 2 min Again, there's a possible positive divergence building here.

 The 5 min SPY chart is in line with price-marked by the green arrow.

 However, remember how ugly this 5 min chart really is, this is a zoomed out version, it's truly in a leading negative divergence, as are most of the other charts when zoomed out.

 The 10 min chart is leading negative

 The long term 15 min is still in confirmation which is strange, even though it is rightfully the strongest of the 15 min charts among the averages as it had the longest accumulation period, but looking at the 10 min before and the 30 min after, it seems it should be negative.

 The 30 min with a relative negative divergence at the top

And the 60 min is leading negative for about 4 days, which if you recall is when distribution started showing up.

All in all, not a pretty sight and I'm still holding my inverse (Short) ETFs which include: SDOW, SPXU, SQQQ, SRTY, FAZ, TYP, TZA, and EDZ.

I'm still thinking a break of SPY $118.00 completes a pretty large head fake and should cause a selling snowball effect.

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