I have little doubt that Tech will snap and the market will move lower, Financials look as they should, Energy is in line, it is only Tech and AAPL's most recent pop around 11:45 that seem to be holding the market together right now, however it's still early in the day.
I'll show you the move in Tech as an industry group, maybe we'll take a look at AAPL as I am looking at AAPL as an add to Put position opportunity, I'd just like to see the 1-3 min charts really fall apart first.
XLK-Tech
The 1 min chart (remember this is for intraday moves as you see right here) put in a positive divergence around 11:20 or so and is in a leading positive position thus far.
The 2 min chart saw some of the 1 min chart's strength migrate and the positive divergence is also seen on the 2 min chart at the same place, again this is an intraday timeframe for move like this (intraday), it is a bit weaker overall though and it's not because of the lagging time of the slightly longer timeframe, it's the amount of strength in the 1 min chart, it's not that much.
The 3 min chart wasn't moved to a positive divergence at all and is still leading negative so there wasn't enough strength to migrate to the 3 min intraday timeframe.
The 5 min remains in a negative position and isn't an issue, it is the most important of the 4 charts in that it is the highest probability/direction.
Looking at the bigger picture, the 30 min chart is very important to the overall trend over weeks and even months, this is a huge leading positive divergence in a large base area, ultimately Tech should see quite a bit more upside in the weeks and month/s ahead, so we want to establish what the trends are, the probabilities and the timeframes they occur in.
AAPL barely, truthfully really didn't put in a positive 1 min intraday divergence, it' not there as AAPL is higher in price with 3C higher at the white arrow, simple confirmation.
The 2 min chart didn't go positive either and is actually in a negative position as of this capture as 3C should be leading to a higher high with price, but isn't.
The 3 min trend looks even worse, so I'm still ok with AAPL puts and given the move up, I'd even consider adding to them for the short term only (which is what this was all about from the start last week).
The 5 min trend is where the highest probability lies for AAPL and has less noise, so I'm still confident AAPL will pull back.
Of course like Tech, look at a 30 min chart and it's a totally different story, AAPL looks great for a move higher over the coming weeks/months, but even this chart can't exclude the probability of a pullback first.
If AAPL's 1, 2, 3 and maybe even 5 min chart look really bad today, I'd consider adding to an AAPL put position or if you don't have one and are interested, it may be an opportunity for you.
Remember though, this is a counter trend ideas (pullback) that runs counter to the longer term charts so it is a speculative idea and should be treated as such with regard to risk management.
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