Monday, April 8, 2013

Charts seem to be confirming original gut feeling

I didn't like this move from the start even though that is what we were looking for today or in the very near term, but it just didn't do the work.

Here's some charts now that seem to confirm my original gut feeling, I think this move is going to give it all up and maybe then it can do it right.

 DIA 1 min negative

 2 min never saw any strength migrate to the chart, stayed negative

 IWM 1 min leading negative

 QQQ 1 min REALLY leading negative

 QQQ 2 min also no strength migrated over, leading negative even at the highs.

SPY 1 min leading negative

TICK isn't going along

 The Intraday Momentum Screen is negative in every window.

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