SPY Update

I'm also going to update the VXX/UVXY, however having some idea of what the SPY may do gives us some idea as to what the volatility ETFs will do as they trade inversely to the SPY.

 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).

 The 1 min SPY chart isn't doing much at all intraday, it's more or less nearly perfectly in line with price.

 It is beyond the 1 min chart, but still on the intraday short term charts like this 2 min where we see the leading positive divergence suggesting that quick move up in to the gap (whether a partial or complete fill).

 The 2 min chart intraday does look more positive than the 1 min chart intraday as it has a leading positive component to it.

 Overall though, the negative divergence on the 15 min chart should trump the shorter term positives and ultimately pull this market back more as we have been expecting.

The 15 min chart intraday is in line with price, but as you can see above the trend is in a leading negative position, suggesting a decent size pullback.