Market Update

Just as I was putting this post together as it looked like a move higher was about to start, it started moving higher (SPY), you'll see as the charts toward the end have price moving higher. The pivotal parts are in place, that was the point of the post, we do have weekly options expiration so it'll be interesting to see what the SPY does, but as for the swing move, we should be right at the bottom of the swing down and thus any long positions you may have been considering for a swing move up, you may want to get in place now.

This is a 10 min chart that shows the last swing reversal down and where we are now. I say it often enough you are probably sick of it, but 80%+ of the time, just before a reversal either up or down and on almost any timeframe, we see a head fake move that fails and brings about the reversal. At point "A", just before the head fake move up, the last day in the uptrend, there was resistance at two points, it gapped to both and failed, the move down started as the breakout move failed. We have the swing positive divergence in place right now, we also have a price move below support and of the last several days that looks like a failed attempt to move higher and thus a more bearish break below support, this is no different than point A's very powerful (initially) move up. The point being, the pieces for a reversal are in place, a strong positive divergence, the head fake move and on intraday timeframes...

The red line is yesterday's close, note the flat trading range, this is what I call a dull market and dull markets are dangerous markets because there is something going on and they catch people off guard, you can see the 1 min positive divergence during this flat period, note price to the far right hasn't moved yet as I continue to capture and annote these charts.
 
The 2 min is positive in the range and price is just starting to move, I was putting this post together because I thought a move was coming very soon and you may want to tie up loose ends, get positions in place.

The 3 min chart is leading positive, looks great in the range, price to the far right is moving as I'm capturing the charts, that's why I put out the last post as I knew it would take some time to get this one out.

And the 5 min intraday leading positive very strongly and to the far right, price is moving from the range.

I think we are VERY close and I'd be looking at whatever positions you may want to close and what positions you may want to open in advance of a reversal. I can't say where the weekly pin will be, but I'd say by early next week we'll be on our way higher and you may not have a chance to get positions in place at these levels.