Quick Market Update

I think the move is still most likely on, but there was definitely some softness there as it seems there are a faction of the hedgies that may be breaking away from the herd, if you think they don't herd, just look at their average performance being 80% worse than the SPX, they don't want to take a chance to try to stick out and shine otherwise they may stick out as performing worse than the herd, that's why they all buy the same stuff and all move together.

In any case, I'm switching templates, but before I do I wanted to show you what was going on, it looks like it may be shaping back up a bit now.

 SPY Arb is still positive,  although down tom $0.56

SPY 1 min

The point of the SPY 2 min is not deterioration, it's that it never really made it to a stronger place like the Q's did, there was no migration from the 1 min chart to the 2 min, meaning there's not much support here at all.

I wanted to show the 3 min trend with as little drawing as possible, the red area is what stands out, the green arrow is trend confirmation.

 And the 5 min is where the first real institutional timeframe starts, none of the intraday strength made it here.

The QQQ 1 min saw a sharp downside 3C move, it has stopped and started to recoup a bit, but that looked like a pretty decent bout of sellers and I doubt they are retail.

 The QQQ has been the leader today, the 5 min chart shows improvement at the lows, but it didn't do much more than bring the chart back in line.

IWM 1 min is showing a VERY clear triangle, retail has been commenting on the IWM as the reason for their bullishness so this is really a perfect set up for a breakout to the upside to suck retail in, we have to confirm that of course, but judging by the other charts, I doubt we'll find any surprises.

IWM 2 min

IWM 3 min.

Here's the most recent chart with some improvement, it's a fast moving market, this is why I want to get over to the Leading Indicators layout.

There's the most recent improvement and it looks to have launched NDX futures here.

I have quite a few individual stocks as well as the typical leveraged ETFs on the radar, I'll let you know if anything exciting pops up on the LI layout.