THE PARABOLIC MOVE / SPY UPDATE

This is what I was talking about yesterday, these vertical, parabolic moves; I find them to be unreliable or perhaps you could say reliable in that they usually end with a similar decline.

 Throughout the entire day 3C refused to move with price, thereby confirming the move, we have seen 3C confirm price in several stocks we have been watching like UNG and URRE, but not in the market averages. The benefit of the short term charts is that they have a fast reaction and can confirm a move or call it out as a likely problematic move. The parabolic nature of yesterday's move alone was bothersome. We'll see if we get the same kind of downside resolution as we saw to the upside yesterday, but generally speaking, these moves whether on intraday charts, daily charts or even weekly charts are unreliable and usually a warning.

The 5 min 3C chart didn't confirm either and is now moving to new leading lows.