Tuesday, July 10, 2012

ES-Short Term intraday update

There are a couple of 1 min positive divergences, the QQQ and IWM (even though the IWM 1 min trend looks horrible), that fall in line with earlier comments about intraday action today and not being sure we are done with the gap. I can't say for sure we won't move higher in to the gap on an intraday basis (and that may even help with positioning of trades like USO), however it looks pretty clear that the expectation of negative underlying activity in to any price strength  will be sold in to a originally expected.

I'm using ES as an intraday marker...
 Just as the intraday 2, 3 min etc charts that suggested a move in to the gap are deteriorating, CONTEXT for ES is also deteriorating as the model is below ES.

ES short term 1 min intraday positive divergence.

Hopefully this may help with USO and a few others various members are looking at.

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