So far this morning, things couldn't be going better, we took advantage of what I'd say was a 90-95% positive AAPL leak on Monday, the distribution I told you about recently and specifically last night in HYG has kicked in hard and TLT is down (remember I'd like to pick this up cheap on accumulation) so... "So far, so good", but it is a.m. trade and very early.
As for the averages... There was NO confirmation on the open, there's a VERY small intraday positive on the 1 min, but it's likely more consolidation at this point than anything.
The SPY 1 min show NO confirmation at all on the open and it is in line with price (price/trend confirmation).
The 2 min shows the same, these were positive on 1-3 min. as of Sunday night, they've deteriorated since then and continue to do so, the longer timeframes are already ugly so they should be moving towards linking short term action with the larger/long term implications.
The IWM 1 min has a slightly developed 1 min positive, not anything to get excited about
QQQ 1 min had no confirmation at all, there's the hint of a slight 1 min positive which has grown substantially since so we should see an intraday bounce soon. The 2 min chart is in line with price like the SPY 2 min, that's why I didn't capture any more 2 mins. as they'd be redundant.
So the Q's are the only one with anything at all going on intraday right now.
HYG couldn't look better right now.
What do I always say about these tight, flat ranges?
This is where institutional activity occurs, 3C 1 min has been showing it clearly as distribution as expected as well as other timeframes, yesterday I mentioned price itself had started to dislocate from the SPX, today.... PLOP!
This is the longer term (rather,
bigger picture)
for HYG, 15 min leading negative in that same flat range, price still has a lot of downside catching up to do so it looks like they are abandoning even the smallest manipulation/arbitrage HYG positions.
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