Intraday Update

Before I switch my template, I'm going to give you a written intraday update.

The DIA is right around the resistance level mentioned in the last post. The 1 min chart on this last run since about 1 pm, is negative right now, it hasn't quite turned the 2 min chart yet. The 3 and 5 min charts are already in a negative position and they'd need the 1 min to actually strengthen, migrate to re-inforce the 2 min and then still have enough strength to move the 3 and 5 min charts just to be in local confirmation, I doubt that happens, but we let the market tell us.

The SPY intraday is similar except the 1 min is still in line with price, stronger. The 5 min chart is leading negative which will be a problem for the SPY to maintain this move, it did cross resistance though and set off some orders.

The QQQ is one of the averages furthest from it's resistance target, it also has the strongest 1 and 2 min charts. The 3 is negative, but with the way the 1 and 2 look, they might flip the 3 min, in other words, this move looks more sustainable than the others, it has more short term (intraday) support.

IWM IWM daily is forming some kind of doji, an indecision candle. The short term intraday charts saw a LOT of damage done yesterday, but thus far intraday today they are sticking with price which is also apathetic.


It seems the market is taking a shot at the levels mentioned before, the Q's have the furthest to go.

That may make it worthwhile to wait a little bit on filling out short positions.