Opening Update

This will be quick because I have a LOT of assets to look at and confirm or not, but last night's post, "Low Volume" had 3 SPY charts showing only 1, the SPY 1 min (which was a proxy for all the major average with a slight deviation in the Q's) that showed some late day strength to make it back to in line, the 2 and 3 min charts that were stronger from last Friday (still only a very small bit of strength along the lines of a day) were falling apart.

I'd encourage you to at least look at the 3 SPY charts in last night's post.

Here's what they look like this morning and what may be some important signals, the only thing I DON'T like is analysis based on early morning trade, but these signals developed all day yesterday.

 Most people don't recognize it, but this morning's SPY open can be considered a head fake move. If you look at the intraday action, had this been the open and close what you'd have is a daily "Dark Cloud Cover candle, which is very bearish, it's a topping signal, but did you ever think about this? It's also a head fake signal and as a DCC candle is a reversal signal, it's also one of the last things to happen before a reversal. Confirmation of our concepts has been right there in a Dark Cloud Cover Candle and that's been over HUNDREDS of years in Japanese rice trading-human emotion never changes.

The head fake move this morning (if that is what it is and I think it is at least on some level) is not very big, but neither were yesterday's because of much lower volatility the last several days.



SPY 1 min just got back in line from early afternoon strength, enough for a gap up, but since the 2 and 3 min started failing, apparently not enough to keep it up which was the point in posting them last night.

SPY 2 min, you can clearly see the divergence and what looks to be confirmed head fake (although a 2 min chart is not great confirmation with a.m. trade, but it is what it is right now).

Remember we had that DeMark Inspired Indicator give a VIX long yesterday.

SPY 3 min, that's confirmation of a head fake move so far, the more timeframes that jump in, the better off we are.

Right now I have numerous other assets to check, timing will make a big difference as far as the type of trades and when to execute.