QQQ Opening Indications

It's a bit early for opening indications, especially for early morning trade on a Monday, but I thought the  intraday signals from Friday were interesting which will lead to a broader discussion about AAPL in a following post.

Here's the QQQ intraday charts (and beyond) for Friday and this a.m.

 This is the QQQ 1 min intraday chart from Friday to this morning , note there was no positive divergence in the QQQ at the green arrow as 3C was moving with price until it went negative later in the afternoon. As of now the QQQ is pretty close to intraday confirmation.

 The bigger picture and this is more the bridge between trend 1 and 2 that I had said so many times, "We won't see much movement in underlying trade until the SPX passes above the 1/4 highs), which happened Thursday of last week (the 10th), there you see distribution on an opening gap and a leading negative divergence as we continue forward, this is the bridge to trend 2 that I spoke of last night in saying the things we'd expect to see we are seeing and where we'd expect to see them.

Of course the Q's are taking it on the chin because AAPL is taking it on the chin this morning on talk of decreased demand for the IP5. but that's another subject and I'm not going to jump to conclusions there about short term trade based on 30 mins. of a.m. trade, but there is a discussion about AAPL worth having.

 The 10 min chart (the longer the timeframe, the more seious the signal) has gone leading negative which just about completes the bridge that was already negative at the 15 min chart, so since we moved above 1/4's highs, we have seen a lot of underlying movement.

Here's the 15 min chart, the more important chart which basically calls trend #1 a move that can't be sustained, which is what we said about trend #1 before it even made the first move to the upside, it was always meant to be the shorter of the 3 trends we have signals on.

However this is really a segue to a conversation about AAPL, not so much short term, but more macro.

Other opening indications will be coming shortly as well, remember though so far this is early a.m. trade which is typically quite deceptive, a lot of traders I know (professionally) won't even look at the market until 10:30 -11 a.m.