Q's Still Looking Like the Most Interesting Asset

Yesterday I posted this "QQQ Update" , the gist of the update was the following...

"The IWM started showing some pretty nasty distribution intraday today as I posted around 3 p.m., but that doesn't necessarily mean its the best entry. The topic of a lot of discussion the last week or two has been weighing the best entry vs. micro-managing the entry too much and missing the forest for the trees which is usually not that big of an issue, but when a market starts acting like this one has been, it becomes more of an issue and that's why I'm pointing out intraday action like the IWM and QQQ today.

I'll cover the market a daily wrap, but I thought you should see the Q's."

I had an email earlier asking if the Q's still looked like the best short entry (at the proper time) based on charts such as those posted Sunday night and yesterday more specifically. I'd say the Q's are still the most interesting of the 4 averages as of right now and that's not just because of their relative performance vs the other averages (less risk), but it does have something to do with the position the Q's are in, not only filling in the 7/19 gap, but moving above that area which sets up a possible (in this case, very probable) head fake move which gives us better timing, a better entry and less risk.

That being said, I'm not ready to rule out the IWM specifically or any of the averages making similar moves, but as far as what we have now, here it is (*This is not a full market update or really a market update at all in the regular sense, it's showing probabilities of a position and what we look for).

 SPY 3 min still has that positive divergence formed at the 11 a.m. lows of last Friday, it still has a little gas in the tank so the SPY "Could" make a move similar to the
Q's, but as of now, it hasn't and we can only make the best decisions we can with what we know, not where we guess an unknown asset will be at an unknown time and date.

 For the SPY to make a similar "Head Fake" move or in this case more specifically a "Bull Trap" (Please read the two articles linked on the members' site- UNDERSTANDING THE HEAD-FAKE MOVE- so you understand why these moves are important, why they occur and how we can identify and use them to our advantage). it would have to move above the yellow trend line. While the 3 min chart still has some gas in the tank, the 5 min chart does not, this is why I believe HYG was recruited,  as shown Sunday night, to help the averages along on an arbitrage basis.

 The IWM 3 min chart doesn't look like a high probability candidate to make the same move as the Q's, although it still can, most of the moves in to any kind of higher prices at all have been sold in to as you can see.

The QQQ by contrast is showing a very deep leading negative divergence in to a nice move to the upside, being the best relative performer on the day.

This is the head fake area or "Bull trap" area where retail will buy the Q's on a "Breakout" move, the 15 min chart shows acute distribution on the move above the former resistance zone. This makes the QQQ a VERY high probability bull trap, which falls under the broad category of "Head-Fake" move.