Market Update

Well here's the SPY move talked about in this post just about 45 mins. ago.

"SPY Tringle, I would think the most likely path here would be an upside break out as I have suspected we see for a short time since Friday, followed by a downside move (head fake reversal as we so commonly see)."

And the move in the VXX /UVXY talked about just after the SPY post...

"Based on the SPY analysis, for the VXX and UVXY, you can more or less just flip SPY expectations, meaning a short term pop out of the SPY triangle to the upside should send UVXY and VXX lower intraday or however long this shorter term pop lasts, I don't see it as much more than a head fake and some noise."


Despite the move up in the SPY from the triangle, FB is moving as expected (at least the short term analysis), we'll follow this one as well...

'" Intraday FB seems to be rounding over to pullback or consolidate."


As for the SPY intraday charts that show a positive divergence and suggested a short term move higher today, there isn't much change, the 1 min is still largely in line, the 2, 3 and 5 min are still in a leading positive position. Once these start to go negative, I'd say the move in the SPY, which appears to be a short term (intraday-today) move to do some backing and filling) move, will be ending and we'll start moving toward a deeper pullback in the market. This could offer some opportunities in positions such as VXX/ UVXY long or the averages on a short term short/put trade.