Market Update- Very Sneaky Market Action

OK, in the last market update I warned on an impending pullback, take a look  at the charts because the pullback looked pretty nasty at first and it may have more to go, but don't let it fool you is what I'd say.


The SPY

 Remember yesterday and early today I told you the 1, 2 and some 3 min charts are sloppy so they'll have to sort out, I suspect now it was to give a little more accumulation time, but the 3/5 min charts were positive yesterday which is why we pulled out our "Hit and run" tactics for a bounce.

This 1 min chart shows the negative intraday distribution I mentioned with regard to the market pulling back intraday.

We can even see it on the 2 min chart and this is about as clear as these charts have been since before yesterday. I suspect by the end of the day, they'll be clearly positive

And there's the 5 min chart and the reason I could add in to that initial wave of weakness and would continue to do so as long as the signals support it.

The TICK chart -1 min. (SPY in red)  was a dead give away as well, from +750 on a weak candle, that was it for the leg up, this chart alone could have told you an intraday move down was coming.

QQQ

 The 1 min QQQ (remember I was leaning toward tech and that is where some of today's first call positions were opened, AAPL, XLK, TECL...) never even went negative intraday, just leading positive.

The 3 min chart which was calling for a bounce yesterday as I wrote yesterday, is nothing but stronger in a leading positive divergence.

Nothing has changed about my opinion on what kind of move this is, the QQQ 5 min is still the same as yesterday, 3C neg. divergence.

As far as S&P futures go, ES...

 The intraday 1 min chart showed a weak relative negative sugesting a pullback, but at the same time, not a very strong pullback.

While the ES 15 min chart as shown earlier today has added to the leading positive so even intraday using counter trend moves like this pullback, work great, you just have to know the timeframe you are trading.

I'm considering our previous long, URRE and perhaps adding to MCP, there are several others, but again please don't forget how all of these moving parts fit in to the big picture. 

As I said earlier, if anyone said, "I'm just going to sit this out and wait for my chance to add to core positions, use this bounce to sell short in to at the right time..." I wouldn't blame them a bit.