Thus it looks like we may get the intraday move mentioned earlier, but in to weakness, which makes it a high probability short at a better price with less risk, the essence of "Let the trade come to you".
Friday, August 10, 2012
Quick Market Update
In brief, the VERY short term charts look like they "may" provide enough lift for us to be able to get off some shorts in to higher prices, but the slightly longer charts are sufficiently weak that I don't see this as anything more than what I described in several posts, an intraday head fake move or "GIFT".
DIA 1 min positive divergence.
Remember the longer the timeframe, the more important the signal, the DIA 5 min leading negative today.
Thus it looks like we may get the intraday move mentioned earlier, but in to weakness, which makes it a high probability short at a better price with less risk, the essence of "Let the trade come to you".
ES if it shows anything today, it's negative, nothing positive on this chart.
QQQ 2 min positive divergence, a relative positive which is the weakest form and it is in its weakest state, but maybe enough to get the job done.
at 3 min leading negative.
SPY 1 min relative positive, not very big, not very strong and on the shortest chart.
SPY 3 min leading negative today.
Thus it looks like we may get the intraday move mentioned earlier, but in to weakness, which makes it a high probability short at a better price with less risk, the essence of "Let the trade come to you".
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