Market Update

Since the last update, I have a feeling some high probability, low risk trades are setting up now.

The IWM is thus far hitting distribution intraday which may be some temporary resistance, it's hard to tell since the intraday charts like 2-3 min are already negative and have stayed that way.

 The only charts in line earlier were 1 min, now the IWM 1 min is starting to lead negative, it is of course above a range of the last 6 days and filled the gap that was just previous to that range so this may not be too surprising and may not be too good for the IWM moving forward, thus I want to look at individual positions.

QQQ is looking worse on the 2 min now as it leads further negative

However if we are waiting on anything, I'd think it would be the SPY as explained in the last post.

 Here's the triangle and the breakout to the upside as would be expected, the question is whether it is a head fake move, but it's actually just a primer for the larger move above the range, that's the most important move and making sure it's a head fake as it sets up high probability low risk positions, last night I said I wasn't that excited about trading a move to the lower end of the range, but this would make it much more worthwhile.

These are the two resistance points on the daily SPY, 167.43 and $167.30