Thinking Out Loud

I'm going to pick a couple of charts to represent each average and give you my gut feeling with regard to what's going to most likely happen which is more or less a game plan for when to enter positions on the short side.

 DIA 3 min leading negative, the 2 min looks a lot worse, the 5 min is still close to in line.

 SPY 2 min leading negative, the 1, 2, 3 and 5 are all negative, still probably the worst looking of all the averages. The only thing it has going between the intraday negatives and the 15 min negative touching is a 10 min chart that is more or less in line and that's it.

 I was surprised at how fast and how negative the IWM 3C charts turned, this is 3 min, but the 1 and 2 min look worse and are hitting new lows below anything on the chart! Only the 5 min is more or less in line.

 QQQ 1 min is not negative at all, it's in line with price and if anything actually leading it a bit.

The 5 min chart has managed an in line status.

I'm thinking if we go down intraday soon, then perhaps before the close we make a bounce attempt and we see the 5 min charts then go negative and that would be an ideal area especially if leading indicators fall apart more and we get stronger signals in the assets that we would want to enter.

The other possibility is that we range in this area and just keep going negative from here, in either case we'd be looking for the same things to happen so I'm going to be on watch. I'll bring you anything I really like as of now.