Quick Market Update

As for the market, the SPY and IWM are showing intraday positive divergences that could lift them a bit or cause a consolidation, it goes no further than 1 min charts so it is not a strong signal, just intraday chatter.

The DIA is about in line, only the QQQ is in a negative position, after all, it did hit our targets first.

From the other charts, it appears we are getting close to that area that I would consider adding some shorts, I prefer 2-3x leveraged ETFs for the next trend, although core shorts like DE work as well. I have to check several other indications, but I could see phasing in to some shorts in this area if you have need of them. If you are already covered as we built a position for trend 2 already, then I might consider adding just to give the return an extra pop, but I would wait on that for the moment. Only if I didn't have any short exposure would I add some here and especially if you can get it in to price strength even know we are in a good overall area, every bit helps.

 IWM short term intraday showing a negative before the release and an intraday positive, this may be enough to move prices higher toward the close.


 Same in the SPY 1 min...

The DIA just joined these two in an intraday 1 min positive, the QQQ is still not showing any signs of a 1 min positive divergence.

Futures are next...