Opening Indications

As soon as I gathered these charts, they already changed, that can be expected in a volatile market, but especially in a short squeeze, there's no emotion in the market stronger than fear, it's also one of the fastest reacting emotions, so in short declines tend to be sharp and fast and short covering can pop up in an instant.

These charts are still useful.

 This was the opening intraday 1 min chart in the Q's, totally consistent with the price action of consolidation.

 The 15 min chart is leading positive, as always remind, "There are no serious reversals without a head fake move first". This is a blanket statement and of course there are caveats, but I'd say this is true 85+% of the time, yesterday we had a head fake move below resistance in yellow, it led to a reversal and so far the closest thing to a short squeeze.

I also remind, "Head fake moves are typically good timing indications, they tend to occur right before a reversal".

QQQ 5 min with a leading positive yesterday and at the green arrow, that looks like short covering, very few pullbacks, almost a single line.

This is the impact zone to really move shorts and start forcing covering, right at the place most would have gone short, at the retest of the triangle's resistance and the apex of the triangle which is also considered resistance, above that and the market really moves on volume.

IWM 1 min with a slight negative this morning, a gap fill, a leading positive yesterday during what looks like a short squeeze. The leading positive in this case, on this timeframe very well could have been retail.

 IWM 10 min positive at the head fake move which was the last action before the reversal, you can also see the covering zone, or the "Major" covering zone.

 SPY 1 min in line, all of the same features as the other charts above for the time frame

The 5 min SPY and covering zone, you'll want to watch volume right at the zone, short squeezes themselves often tend to be low volume except for where stops are congregated, which is at resistance and whole numbers, etc.