Market Update

Things are moving as expected, the initial resistance at the bottom of the triangle, lower lows/ lower higher intraday, nice, clean price patterns traders can easily identify like bear flags, etc. The DIA may be showing the start of something changing, but we still have plenty of time.

To me it looks like the Q's have a ;little bearish price pattern of their own that will need to break too to make it an effective move in the market, what is the point of the Q's don't break under what looks like a  small topping pattern, in fact I just looked and they are breaking below now.

 There's the rejection at resistance and action since on a SPY 30 min chart...

Here's a closer look on a 5 min chart, note the bear flag, note volume picking up right where it should, these are all patterns retail falls for, they aren't patterns smart money falls for, they use them as a means to an end.

While I don't see much in the averages, TLT has a negative and HYG has a positive, both are market positive so we may be getting close to starting something. Whether or not I take on additional call positions will really depend on how strong the set ups are, I'm not fond of taking on much more.

I'll keep you updated on the arbitrage levers (VXX, HYG, TLT)