Market Update

I still don't have much faith in this morning's move, it seems there's not the typical strong signals throughout that we have seen even in choppy markets allowing us to make some good short term trades, I suspect a lot has to do with Bernie's continuing testimony, some may be due to earnings and of course the ups and downs of Europe.

All in all though, I don't trust today's early move.

Here's the highest probability outlook for the averages, as you know I closed the remaining long (Calls) IWM position earlier today.

 The gap in the SPY mentioned earlier today, now filled.

 SPY 2 min

 SPY 3 min

 SPY 5 min

 SPY 15 min, the 15 min chart could look a lot worse if it were to turn down dramatically and that would change some near term expectations.

 DIA 1 min


 DIA 3 min

DIA 15 min

 DIA 5 min


 IWM 1 min

 IWM 3 min

 IWM 5 min

 IWM 15 min, this too could change near term expectations should the 15 min chart turn down sharply.

 QQQ 2 min

 QQQ 3 min

QQQ 5 min

All in all, the near term trade is not seeing the kind of support you'd expect to see or confirmation, this looks like the volatility increase I noted about a week ago (The Average Daily True Range had just about doubled over the last month so intraday swings are much bigger), however I don't trust this to hold and still expect the market to find its way lower as far as short term trading trends go. Any big changes obviously in the 5/15 min charts would have an effect on that outlook.