Thursday, June 13, 2013

Intraday Pullback

I think we are very close to an intraday pullback, it's hard to say what happens from there because we've entered a new phase in the market, but here's what I see thus far and remember that a pullback at this point isn't bad, there may be some decent positions a pullback makes viable.

 DIA 1 min with a weak negative intraday divergence

SPY the exact same

The 5 min ES chart has done exactly what I expected last night, the 3C chart is very strong, but intraday...

The 1 min chart and volume, look like an intraday pullback.

In addition to whatever tools you use to watch momentum, I'd also include the NYSE intraday TICK chart, note the channel on the 1 min chart I've drawn, look for a break below that channel and you are likely at an intraday pullback.

I'm going to look at a few positions that I think may be viable.

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