There's a little momentum over the last 15 minutes or so, still the market is pretty blah.
! min DIA shows a little positive 3C momentum, not much and only a 1 min chart
On the next timeframe, there seems to be a short term intraday bottom, again, not very impressive.
The 5 min hart is still leading negative, but I would think it will catch up to a more neutral position.
The 1 min QQQ looks horrible
The 2 min looks even worse!
The SPY is at best in line on the short term chart.
And negative on the 2 min-leading negative.
This 5 min chart for the SPY is the only thing I can find that looks a little bullish.
Other then that, the fact that today's downside momentum is flat, that's a positive development short term and it looks like we'll get a candlestick "Tweezer Bottom" close over the last two days, which is a short term reversal, so maybe we'll get that bounce, but the market didn't react well to what should have been positive news, on the other hand it didn't fall apart today either.
The truth about bear markets is that we typically see more up days then down days, it's just the down days are much bigger, so a day like today and maybe a bounce is not at all out of character with a bear market. Another defining feature of a bear market believe it or not, is low volume. This week it is low for obvious reasons, but it seems like that is a theme that may stick for a while.
That's my best bounce case at this moment and I would like to see a bounce to get good positioning on shorts, either add-to positions or new positions for members.
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