Market Update

Most 3C intraday charts as last reported are now improving, many of the averages have reached an area of symmetry and it seems almost a waste not to take advantage of this discount in premiums. Leading indicators, especially among credit are looking good, there are a few still not there like rates/Yields, but I think we are making progress, if we can continue making progress and get a move or some momentum to the downside rather than chasing the upside along with continued improvement in indicators, it seems foolish not to take advantage of this opportunity, it all depends on what your exposure is and what you feel comfortable with, but if I didn't have any longs (calls or even leveraged long ETFs), I'd seriously be looking at today as an opportunity.

Some charts of the price patterns and 3C charts...

 DIA 15 min w/ a downward slanting IHS neckline, the target has been reached, short term capitulation volume is seen right at the target.

 The intraday 3C chart went from negative on the open to positive as the target was hit.

 IWM with a complex IHS also reaching its target area with volume swelling.

 Also the IWM intraday chart going from negative to positive.

 The QQQ possibility of a slanting neckline, this would still have downside to go, but really it's identifiable as an IHS price pattern as is, just not as clean as the others.

 QQQ as a straight neckline IHS, still some downside on the target, but still identifiable.

 The intraday chart is improving, but not positive.

 SPY with two target possibilities to the right, slanting and straight...

However the intraday 3C chart looks as if the SPY already reached its target.