Market Update

Possible head fake move...

 ES 1 min has been in consolidation mode and now has a leading positive 1 min divergence...

 The one caveat to a pullback remains the action we saw last week which is a short squeeze that feed on itself.

 On the SPY 15 min chart there's a clear bullish continuation triangle formed today, traders will expect an upside breakout, this is where it gets tricky, normally an upside breakout would simply be a head fake move before a reversal, but since we are in short squeeze territory, it cold ignite fears and start that snowball effect we saw several times since Friday.

 The SPY 1 min is in leading negative position, but intraday has been pretty much in line with price.

 The 3 min has been in line with price, again there's no positive divergence here, any short squeeze would be retail created.

The 5 min chart is leading negative. I would think any short squeeze move would be sold in to by smart money and the pullback would continue.