Quick Update and IMPORTANT REMINDER

I knew this would get some of us, this is why I try to set expectations in advance, but expecting it and living through it are two different things, like they say, "Every boxer has a fight plan until the first punch is thrown".

Going back to my most recent commentary on the subject from yesterday actually, "Market Update and Determination"

In the second paragraph just as I finished saying, "I do think it is likely we close above SPX $1600."-that was the last sentence of the first paragraph, the important part came as another reminder of what is going on in the market, here's the paragraph linked above to the original post.

"Here's my rationale: Ever since this move to the upside got started there was one thing I wanted from it, that was to short in to demand and higher prices, that is the same reason Wall Street set up this move, but even with a new SPX high, they have not been able to do what these moves are designed to do (and this is not Jonny-come-lately speaking-I told you the EXACT same thing before the move up even started). I told you the purpose of this move is just like a countertrend rally, it is to be strong, impressive, to change sentiment from understandably bearish to bullish, that is what is needed to get retail to buy so institutional money and us as well, can sell short, initiate new shorts or fill out partial positions. The riding the move higher or lower here and there is just extra money off good signals, but if I had to act in accordance with my main mission statement, it would be to wait for the market to put in a strong enough performance that retail turns bullish and starts buying on increasing volume, then I'd be looking for my opportunities to sell short in to that and all of this for the primary move expected DOWN!"

Then after I go on to explain why I didn't like shorting yesterday's strength, I said this and highlighted it in red, right after talking about a strong additional +3% move from yesterday's close, this is important...

"You will know when they have succeeded when you yourself emotionally are full of doubt and emotions almost or do get the better of your decision making process above objective data, then you know they have achieved what they set out to do."

Check the post yourself, it's right here.

As to the SPY, unfortunately the market is moving faster than I can update charts, the most averages have not confirmed this move at all and I see several things, red flags if you will, that I do like as far as starting to enter short positions, although I  want to leave room.

Here are a few charts.

 This is the move above $1600, this is a perfect bull trap/head fake, this is the move that creates what I talked about weeks ago and ever since then...Again, because it's worth hearing over and over...

"You will know when they have succeeded when you yourself emotionally are full of doubt and emotions almost or do get the better of your decision making process above objective data, then you know they have achieved what they set out to do."

 As for intraday charts, that's bad enough, but if you put the same 1 min chart in to perspective...

You get this, ZERO confirmation, why would that be?

Here's a hint...

"there was one thing I wanted from it, that was to short in to demand and higher prices, that is the same reason Wall Street set up this move, but even with a new SPX high, they have not been able to do what these moves are designed to do (and this is not Jonny-come-lately speaking-I told you the EXACT same thing before the move up even started). I told you the purpose of this move is just like a countertrend rally, it is to be strong, impressive, to change sentiment from understandably bearish to bullish, that is what is needed to get retail to buy so institutional money and us as well, can sell short, initiate new shorts or fill out partial positions."

 SPY 2 min, this was 1 of many of the divergences yesterday that was so close to drawing us in, but did not, patience pays. Today, even worse. Remember, short selling is read as selling/distribution too because that is what it is, selling.

3 min chart, the thing with these early timeframes is they aren't strong money flows, but they are fast and if they can't confirm the move by heading up to a new high, then something is wrong with the move.

The 5 min negative yesterday almost lured us in, but there were too many small red flags we listened to, today's move is even lower, again, you know why.

I see ES, NQ and TF all negative as well, HYG is moving lower, currencies are negative, there are too many things to list.

I'll keep bringing you as much as I can.