Market Update

Here's what I see and what I'll be looking for to enter some UVXY calls later...

Using the SPY as an example...

 Most of the short term charts should be able to confirm a move up, they are fast enough, when they don't there's usually something not right with the move.

 Zoom in intraday on the same chart and it looks like it want to move higher, this is why I waited on the UVXY calls, we simply had too much time left in the day for the market to move in its final direction, it needs to shake things up and traders out.

 2 min non-confirmation, but...

 zoom in intraday and it looks like it wants to move higher intraday, this is where I want to watch for an opening for UVXY calls.

 3 min non-confirmation, but

 again zoomed in to intraday status and it looks like it wants to move higher.

 The 5 min hasn't confirmed either, I feel like the move up we were expecting is going to be short lived, that's what my gut said yesterday too.

The 60 min trend is just ugly, there's not much noise here, so I want to let the market do it's thing and near the last hour of trade, look for an opportunity to either short some names or go long UVXY calls, I want confirmation though on intraday charts.

I'm going to take a look at some other charts and the risk asset layout.