*Market Update

This is just part of the update, but keeping in mind the last post (FX) as that was part of the update as well, lets take a look at what we have.

The SPY is the most obvious and where did I mention we'd likely see some congestion or noise earlier after sharing retail's sentiment with you (Thank you Sam), "Sell the rip"? Right at first resistance which is Friday's close.

 When a 1 min chart looks like this it's a 50/50 toss up between a consolidation through time and a correction through price. We need the 2 min chart to determine the more likely.

Right now other than telling us, "It doesn't really matter what happens between now and the close", the 2 min chart can't settle this, if it were clearly intraday negative than a correction through price would be high probability.

The DIA had a 1 min intraday negative, no 2 min though.

The QQQ charts are not telling us anything about a pullback, but the IWM 2 min is, although the 1 min is in great shape.

Next the Tick chart (at this point this is academic as I see price pulling back right now).

I don't understand why more people don't use the intraday NYSE TICK chart, if you were panicky this morning, all you had to do was look at the TICK and it was telegraphing and upside reversal by 10:30 a.m. As you can see, the up channel which hit +1500 so we are seeing extreme moves that are scaring bot shorts and longs, clearly turned down, but all you needed was the initial break out of the channel to get early warning.

The Index Futures are showing the same as the 1 min SPY, they are more clear about a pullback, but their 5 min charts are looking stronger, so again I'm not too concerned with a normal intraday occurrence right where it was expected.

Looking at 3, 5, 10 and even some 15 minute charts, this is just Wall Street, being Wall Street. I'm not concerned about the charts/market direction as these other longer term charts (just like the 1 and 5 min $USDX example) point the way to the path of highest probabilities.

So that leaves 2 things, 1) When does this change (the intraday move) and 2) are there any opportunities this opens?"

I'll be on top of both and let you know.