Market Update

So far we're ok...

 We're not falling apart at all in the early timeframes, actually at a new leading positive high so that's good.

The DIA is an example of reaching out to the Institutional timeframes

This 30 min chart of the DIA is one of those that I'd call, "Hard to ignore", meaning when I see something like this I very rarely pass it up.

And the Q's right in between the DIA at 10 min is holding together.

However, as you know new divergences start on the earliest timeframe, it seems like we have a new player for this afternoon.

With 3C, if there's a positive that we end the day with, we usually pick up the next morning on that positive, the same goes for a negative, for instance we close with a negative on intraday 1-2 min, we may have a gap up and it will fade from that divergence from the previous close, it doesn't work like that with futures, but interestingly it does with FX ETFs even though they have all night to trade, somehow by the morning, they find their way back to continue from the closing divergence, I'd call it foreknowledge which you can only have if you are running the game.

In any case, it's interesting and it doesn't ruin the short squeeze as it makes the inverse H&S disappear in to what just looks like a downtrend.

 DIA 1 min at the low that destroyed the Inverse H&S pattern with a leading positive.

The Q's the same, even bigger.

Same with the IWM.

The SPY shows it at 2 min.

In any case, the Inverse H&S is no longer standing out, it is a failed pattern as far as the bears are concerned which, if we get the gap up, is the best psychological and short squeeze outcome.

I'm going to check Bellwethers and Leading Indicators.