There's no real surprises here, the only average that looks different from the rest as you might have guessed is the IWM/Russell 2k, the reason? If you recall why we see head fake moves above important resistance roughly before 80% of reversals, you'll understand why; as pointed out yesterday, the IWM / R2KWAS THE ONLY average NOT above an important resistance area, which means there's not an ability to do all those things that bull traps are useful for. Today that has changed and with it, the complexion of the IWM is starting to change. I should also point out that as risk moves go, the R2K should always be the leader, not the laggard.
DIA1 min relative negative on the open and the start of a leading negative divergence just like the SPY.
DIA 2 min in a deep leading negative divergence, negative on the open.
DIA 3 min in a deep leading negative divergence, relative negative on the open-no confirmation of price/trend.
DIA 5 min showing the very fast 1-day accumulation from last Thursday we noticed, that seems to be the apparent catalyst for lifting the averages above resistance and as we can see with the leading negative divergence since that is now lower, I'd say all of those shares that were accumulated have likely been distributed and we are in to institutional short selling, just based on where 3C is now on this chart.
As mentioned yesterday, it wasn't until today the IWM/R2K made it above resistance.
1 min leading negative divergence, negative on the open as well intraday.
2 min leading negative divergence, confirmation on the open intraday, but very small within the context of the leading negative divergence.
3 min IWM leading negative, negative intraday on the open, you can also see Thursday's accumulation in white.
IWM 5 min with 2 accumulation areas in white incl. Thursday of last week, overall large relative negative divergence, intraday negative on the open.
IWM 15 min leading negative trend, note Thursday's relative and leading positive divergence/accumulation.
QQQ 1 min deeply leading negative trend, a slight confirmation move intraday on the open, very insignificant compared to the leading neg. trend.
QQQ 2 min with Thursday's accumulation and a deeper leading negative trend, there's confirmation on the intraday open
3 min with Thursday again and an even deeper leading negative trend since, again, I'd suspect distribution is complete and short selling is likely occuring by institutional money.
5 min QQQ totally leading negative-negative intraday on the open.
No comments:
Post a Comment