FAZ Update

 FAZ and Financials in general have been posted about a lot recently as Financials have finally started moving out of rotation, you could say the same of Technology as well. The long term chart pattern here is very bullish, a descending wedge. The rule of thumb is, "Wedges retrace their base".

 It looks like while financials DID NOT see confirmation yesterday, FAZ was accumulated on the intraday lows and throughout the rest of the day as it is in a leading positive position.

 Here's the same on FAZ's 2 min chart

 As well as the 5 min chart

 It is leading positive on the 15 min chart

 As well as the 30 min chart. Whatever has been going on here (and that seems obvious), it's been going on for awhile and in large proportions. Like I said yesterday, while 3C can show us underlying trade, it can't tell us why, but we usually find out the reasons later". The positive bias of these charts are only equaled by the negative bias in the market charts I have been warning about.

While we're looking at ETF's, here's the same long term view in TZA as compared to the Russell 2000, not a perfect ETF for the R2k, but they do have small caps in common.

 The same bullish descending wedge with 3C leading on a 30 min chart as well as a 60 min chart below.

Below is the IWM/Russell 2000 on a 30 min chart, I haven't marked the divergence because it is plain to see. The area in which I have been saying, "The market looks very dangerous here, like a thin ledge" should be obvious on the price chart as well. Interestingly, it looks very much like a bearish ascending wedge, the mirror opposite of TZA.

And below the 60 min IWM chart.