Friday, July 19, 2013

Market Update

This feels like pretty typical Friday Op-Ex pin action.

These 4 charts are the gist of my concern with early entries so far....
 The QQQ 1 min with a nice breakdown divergence yesterday, but the flat range is bothersome intraday.

 A closer look at the same chart, it's small, but positive intraday

The SPY 1 min "looks" like a break lower intraday is setting up, but I think it's pin behavior.

The 5 min is trying to hold it together and possibly lift it.

This could make for great entry conditions, but I want a firmer grip on it.

I'll probably close the Q puts soon, still deciding on that one.

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