Monday, April 30, 2012

Quick Market Update

 AAPL which never confirmed the downside move, continues to hold up on the short term chart, it's now moving intraday to a leading positive divergence. I don't think the AAPL chapter is quite finished yet.


 DIA 2 min is now leading positive above Friday's highs as it remains in a flat range like area, which is a typical accumulation area, remember though these are short term chart for short term trends, the longer term trend as you know is in shambles.

 The IWM 3 min is continuing to move higher even though this has been one of the worst as far as underlying trade goes, I don't see the IWM as setting any break out precedents that will encourage the bulls like the SPX could do.

 QQQ 5 min is improving and leading positive here.

 The triangle has grown much larger, I warned about an intraday head fake move below the triangle, it looks close to making that move, so pay attention we could see a fast move shortly.

The SPY 2 min is also looking much better in the area here.

No comments: