One Last Market Update

I have to cut out about 20 mins early for a blood test, but some interesting things are happening, I wouldn't go so far as to say SPY upside is done, but I will say that earlier we had the 1 and 2 min charts starting to go negative, now we can add the 3, 5 and 10 min-all showing early signs of negative divergences which really helps out the theory from last night.

As for the other averages, I might look at a partial position in a 2-3x leveraged short Dow ETF like SDOW, the 1,2, 3, 5, 10 and 15 min charts are all showing signs of distribution in to the last move up, heavier than the SPY in most cases so you might check out a partial position there short the DOW.

You saw the QQQ update, nothing significant has changed there and the QQ Puts will remain open as well as the SQQQ long.

I might also take a partial short on the IWM, the 5 and 10 min look pretty bad right here, the IWM put stays open as well, I would like to exchange that at some point for SRTY.

I'll be back shortly with a wrap up and any new ideas.