Several Averages Are Starting to Lead

To the positive side that is.

So far we do have what looks very much like a "process" in the context of last night's post and the general concept that reversals are rarely events in which there's a "V" bottom (or top), but more often than not, they are either rounding bottoms (more often) or just lateral trade (the DIA is a bit more lateral).

I'm not making a big deal of this yet, for a process to play out that is in scale, it would take nearly all day, but as I showed last night, the SPY's 15 min chart is still positive so if Friday's action was all or mostly retail as I suspected, than the professionals are still in the same position they were in Thursday and they really don't have need for a process or at least not an extended or typical one. This of course is theory based on what was seen Friday, we need facts to back it up, but the charts below in both 3C and price action are the start of those facts, at least so far.

 DIA intraday 1 min chart this morning, more lateral than rounding so far.

The QQQ with a positive, more rounding, but definitely not as deep as the normal rounding bottom would be off Friday's price momentum which makes it closer to a rectangle range than a more typical rounding bottom.