All I can say is I'm glad I got those puts on yesterday.
I'm going to use the SPY as a model for the market update, any other charts in other averages that are significantly different than the SPY, I'll include those as well and I included ES because it is deteriorating faster than NQ and TF, but that may not be true for long.
CONTEXT vs ES is now at a negative 27 point differential! I've never seen it this wide.
SPY Arbitrage was supportive on the open, but is growing worse all day and I doubt it's for lack of them trying to pull the levers.
ES is deteriorating pretty quickly (3C moving down), now TF is following and NQ isn't far behind.
SPY 1 min, there's no positive divergence at that "X", the yellow would normally be green meaning 3C and price are in line, but they are truly not, compare where 3C and price are at the two Yellow dash relative areas.
2 minis leading negative again, the intraday high hit a relative negative divergence
3 min is still leading negative in a pretty big way.
5 min also leading negative so the negative divergence is migrating along the timeframes as it should for a strong divergence.
The IWM 3 min leading negative is a bit sharper than most averages, this is partly why I picked IWM puts, I think they are still worthwhile, but yesterday's momentum was the time to get them I believe.
I'd want at least April 20th expiration, maybe even May.
IWM 3 min is seeing migration from the 2 min chart so this looks to get worse and it's a very flat price range which is where distribution and accumulation are often seen.
QQQ 1 min is also deteriorating badly today
And that is migrating to the 2 min, probably further by now.
Remeber that Thursday's tend to close near the Friday Op-ex pin, even on weeklies so the price action today could tell us a lot about sentiment.
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