Quick Market Update

The SPY migration through the various intraday timeframes continues...

 1 min which stayed leading positive all day has improved even more.

 That strength has migrated to the next timeframe at 2 min which has also stayed leading positive all day, but I wanted to point out some specific intraday leading moves.

The 3 min as you can see is also leading positive.

As I tried to explain before, from March to May we had the strategic view in place, meaning the longer term 3C charts were very negative. From there we just wanted to enter positions on price strength to get good positioning at lower risk, we waited for price strength with 3C negative divergences and added shorts (all of which are still doing very well). This is kind of the opposite, the strategic view is the positive 15-30 min charts that are in place and for long positions, the same as short, I don't want to chase them, I want them to come to me (buy on price weakness/3C positive divergences).

This is one of the reasons I feel comfortable adding the USO position today, really there are probably quite a few speculative longs I would add if need be on today's dip in prices. USO just happened to stand out of the crowd.