The 15 min ES and NQ (S&P and NASDAQ Futures) charts look bad, I really don't want to see the negative divergence get any worse on these charts or else it will start lowering probabilities on the up trend that should follow a pullback.
ES 15 min
NQ 15 min.
Both are also now negatively divergent on the 1 min chart (intraday).
As for currency which is obviously a major driver and we identified that as a major catalyst before the recent bottom was hit several days before as it became obvious the market was waiting on the $USD.
The Euro in green and the SPY in white, as you can see there's already a divergence with the Euro lower than the SPY, this in large part is because of that bear flag that was run to the upside as the Euro gave an early divergent signal sending the market lower on the open.
The 5 min Euro (FXE) leading negative here-so we have our longer term charts in place, we just need short term tactical charts as the market makers and specialists adjust for the move.
The 3 min (which on FXE is about as low as you can go and still have a trend without some blank spots) shows the earlier positive divergence at the lows and now a leading negative.
As for the $USD (UUP), the 3 min chart went from a strong relative positive to a strong leading positive. $USD strength puts pressure on the market, Euro strength helps the market.
As for AAPL it is now negative in multiple timeframes from 1 min to 10 min and everything in between.
The QQQ is also negative intraday 1 , 2, 3, 5, 10, and even 15 min across the board.
The IWM also has some significant divergences as does Tech and Financials.
We're just about there I'd say, still there will be volatility, use it to your advantage.
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