Monday, July 30, 2012

Market Update

Here are the short term charts that I believe support my theory of a short term gap up probably tomorrow, followed by negative downside action to pull u down in to a pull back. Remember the longer the timeframe, the more important the signal.

 DIA 2 min small positive divergence today, this would represent very short term price upside like a gap up tomorrow.

 The DIA 15 min chart represents the more serious trend, it is leading negative with a lot of damage done today.

 QQQ 2 min intraday positive

 QQQ 5 min leading negative

 QQQ 15 min leading negative.

 SPY 1 min leading positive short term...

SPY 5 min leading negative longer term with a lot of damage done today.

This is why I'm patient today, just look at price.

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