Gave the SPY some more time...

As I talked about yesterday, the longer more important charts are already ugly, I thought we'd get a chance to let the trade come to us, that has happened, I also said we just need to be patient and wait for the short term charts to start to fall apart as a timing signal. Well the 1 min SPY has had more than enough time to have confirmed the gap up this morning, IT WON'T.

In fact...

The 1 min chart moves the fastest, the orange 3C line should be around the orange arrow for price/trend confirmation. The fastest charts are the first to break usually and then it migrates to the next longer chart like 2 min, 3 min, etc.

Looking at the SPY intraday alone, here's what it looks like.

Although our trend expectations are for the next move to be a break lower that sets up a bear trap followed by one more extreme move higher and then the primary bear trend kicking in, for now, I'm going to be looking at the market more or less, like this could be the final break to the downside-we never know as the EU becomes more unstable and the longer out you try to forecast (just like with weather), the less accurate the forecasts become. Thi doesn't mean I'll swing for the fences, but I've already started closing long hedges that were in place to protect core shorts and I have already added to some core shorts.