FSLR / Market Update

The reason I keep including FSLR is because it seems to be a good market proxy in terms of the timing and completion of the reversal process.

A dump in the market like this morning at the end of a short pullback phase wouldn't be surprising, it's like the opposite, but same concept as a "Blow-off top" at the end of a market rally just before a reversal. FSLR just happens to have a nice proportionality to it that represents that reversal process pretty well.

The first 3 charts of FSLR represent the longer term charts and how they have basically held up allowing FSLR the opportunity to bounce (dead cat likely, but still a decent bounce).

The last FSLR charts are more specific to today's process itself and the market averages below are confirmation of what I see intraday in FSLR. I already have the September $38 FSLR Call ticker ready so when I feel it's time (if), I can just move to open the position.

FSLR 60 min

 FSLR 10 min

FSLR 5 min and the VERY clear range which increases the probabilities of a head fake move below support to run stops which is often the last thing we see before a reversal and that's why a head fake move makes for such a great timing indication.

The overall 1 min chart trend is very positive, it's not as obvious when looking at it on an intraday basis.

 This is the 1 min chart on an intraday basis, although the reversal process has come together nicely, it still looks like it needs a bit more time and the 1 min negative divergence suggests that it pulls back a little intraday to allow for that. You'll see the market averages confirm the 1 min FSLR chart.

 The 2 min chart has been growing stronger all day as I'd like to see. You can see the uptick in volume as stops are run just below the support zone of the recent range.

The market averages confirm the FSLLR 1 min chart's negative intraday divergence to give the reversal process some more time. I don't consider FSLR to be the only opportunity, I just consider it to be a great proxy for all of the different moving pieces that need to come together before the risk:reward profile starts to make sense.

 DIA 1 min intraday negative for a pullback most likely.

IWM 1 min negative

QQQ 1 min negative

SPY 1 min negative