The market is looking HORRIBLE, I hope you've been able to use recent strength to get in to some short positions and if we get anymore strength, I would use that as well.
The Dow looks the worst, which fits with the large cap weakness I mentioned, if you need quick coverage on a short term basis, the leveraged large cap bear ETF, BGZ would be a good choice, although I would prefer to only use that until you can enter some real equity shorts, it's just east in a pinch.
The 1 min chart is leading negative today, this appears to suggest even as the market has held in a range, smart money is desperate to get out of this market.
Look how they used the bounce to sell / short in to on the 32 min chart, this is about as ugly as it gets and today continues to lead negative.
DIA 5 min chart, leading negative and using yesterday's strength to dump
The DIA 15 min chart is by far the worst looking, it is relatively divergence in a huge way and leading negative divergence. You may even want to consider a leveraged short on the Dow like SDOW (you buy it long for short exposure).
QQQ 1 min, same story, leading negative after Tech rotated in for a single day.
The 2 min chart continues to lead negative even as the market holds in a relative range
The 5 min doesn't look as bad here, maybe there's some more upside in Tech before the week is over, but I would certainly be looking at getting my short positions started or adding to them as should have been done in to yesterday's strength.
The 15 min QQQ is leading negative, any movement up in the Q's will make this divergence even worse.
SPY 1 min is leading negative intraday
The 2 min chart shows how they used the strength yesterday to sell/short in to.
5 min is leading negative.
15 min is leading negative.
If we are lucky enough to get a SPY $140 options expiration pin, I would be selling that short all day long.
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