SPY Update

Despite the correction day and the probability that we see a bit more tomorrow early on, we may indeed be in a positive position later in the day or after noon time.

Take a look at the SPY alone, interesting...

 Here's the bear flag-type correction today

However for what is supposed to be a bearish correction and lead to new lows, the TICK index was pretty darn positive through the period, rarely moving below-500 which is very average and spending a lot of time above +1000 with some highs in excess of that, not what you'd expect for a "Bearish" price pattern.

 The 2 min chart is one of the fastest intraday charts so it makes sense that the divergences show up there first, in this case repairing some of the mid term (5-10 min negatives that called a consolidation/pullback), here the 2 min is in leading positive position, so this should continue and migrate through the longer timeframes until we have a solid signal to enter some trades and/or close some puts or shorts.

 This is what I was really hoping to see and with the TICK so strong, I'm not surprised. Moves on longer term charts indicate larger movement of capital so this leading positive 30 min chart through yesterday and today, has very solidly bullish implications.

Even more striking is the same leading positive today in a 60 min chart.

I'll be back in a bit, I have a board meeting tonight, but I'll definitely be posting my findings and any interesting trade , signals and opportunities.

So far today is a simple consolidation day, it's typical and it held up very well in underlying trade. I'd like to get a bit of a price pullback to make some new long positions worthwhile and from the charts, I think that's a possibility, but we'll see what the market brings us.