Market Update

Now the QQQ are only a mere $0.22 from the resistance level. Across the board in just about all of the averages, the 1, 2, 3 min intraday charts are going negative, especially the IWM.

The 5, 10 and in some cases intraday 15 min charts are still in line and still look good.

So are we seeing the start of the deterioration of the trend as the QQQ nears the breakout area? How long could the Q's linger in that area? There are a lot of questions.

Financials in my opinion are showing less underlying strength than Technology, but in a bit of strangeness, I think both sectors look better on intermediate term charts like the 10, 15, 30 min than the market averages on the whole.

You can probably see just by intraday price that the market almost looks as if it is racing to that area, it will be interesting to see what happens when it does hit that area.

While I don't do anything without confirmation, I am thinking about what assets I might like to start positions in or add to existing short positions. I'm also considering plan "B", if things go differently than expected, what positions do I want to move around, this isn't a reflection of changing perspective, it's just good planning, especially with a market that "could" turn very fast, not leaving you much time to make these decisions.

Exceptionally interesting market, this race or stretch to hit the target area almost looks desperate.