Wrap

As you can probably tell by afternoon posts or this one more specifically there were numerous late day signals that make a near term (1-2 days perhaps-maybe op-ex related) pullback seem very high probability, although I do not think this is the downturn we are waiting for, but it will be easier to say once we see if there's any accumulation in to a pullback/correction.

The SPY provides a basic example...

 2 min intraday chart

5 min chart w/ a negative divergence

10 min chart w/ a smaller negative divergence later day

However the 60 min chart still has a large accumulation area and is still leading, plus a number of charts I'm looking at to short were simply not there yet.

As for Leading indicators, credit, currency, rates/treasuries and even commodities do not have the negative divergences for a significant move to the downside, especially credit which I think is the most telling. This may be op-ex related, even the weeklies are pinned now and I notice Thursday's close tends to be close to Friday's pin.

In any case, this actually may provide us some trading opportunities, whether short term pullback or some longs in to the pullback for a little more upside, either way I think it's worthwhile.

There's nothing terribly interesting in futures tonight, tomorrow we'll see if there are any short term trades, but I'd rather look at buying some longs/calls in to a correction/pullback so long as the 3C charts verify the pullback.

Thursday a.m. I have a doctor's appointment at 8:30 with my back doctor, I should be back in time for the open, but just to let you know.

See you soon.