Wednesday, February 29, 2012

Market Update

 DIA 1 min, maybe a slight positive divergence, hard to tell.

 The 2 min chart has deteriorated as I would expect.


 Even more so, the 5 min char is leading negative, weakness is building in with more momentum.

 The hourly is really looking bad here.

 QQQ 1 min, again, possible positive divergence.

 However, even if we get a bounce, the 15 min chart has gained downside momentum to an extreme.

 SPY 1 min is in line with price.

 So is the 2 min.

 The 15 min is leading negative

And although the trend since the orange arrow has all been in a leading negative environment, the recent leading negative in the red box is extreme for a 30 min chart so quickly.

 The only thing that is sticking out is a 1 min positive divergence in ES


 Again, even with a bounce, it looks like a lot of damage has been done today.

Updates on model portfolio positions:

I got in 2 trades,  SJM April $75 Puts and a smaller position in FXP with March $22 Calls





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