Intraday Market Update

As I mentioned 2 posts back when looking at TLT, HYG and VXX, I said there's a intraday positive in TLT which is usually either a consolidation signal or an intraday correction , in this case a bounce.

Looking at the market averages, half of them have this same  1 min intraday positive feature now; the exceptions are the QQQ and DIA, however I think TLT and VXX make up for those two.

Since the intraday positives are pretty much contained to the 1 min chart, there's usually a 50/50 chance it's a correction either through consolidation (through time like a triangle or trading range) or a correction through price (like a bounce). If we were to see the 2 min and longer timeframe charts join in, the probabilities would shift dramatically toward a correction through price rather than time, but we do NOT have anything on the 2 min charts, in fact they are becoming more negative from the 2- 5 min timeframes.

Here are the charts with these signals, if anything I think they are useful to see what signals we get on a potential bounce since there's not much to consolidate, if we get continued distribution, then it may make for a lower risk, better entry price on something like SRTY or SPXU long, if not, then we know to be patient.

 VXX and UVXY with a singular 1 min intraday negative, not a big deal, but it obviously can move the market intraday, because these trade opposite the market, these are confirming signals of the SPY/IWM's positives.

TLT as mentioned has been acting like a risk on asset rather than a Flight to Safety asset lately, so the 1 min positive I'd also add as confirmation to the SPY, I'm still looking for a long entry on a pullback in TLT to $100-$102 or less.

 I said the SPY 1 min was nearly perfectly in line (Price trend/eC confirmation), and now a small leading positive.

And the same for the IWM.

These aren't strong signals, just intraday, so I wouldn't trade off them, but I would pay attention for information about the market's position here after Friday's strangeness.

Precious metals/miners update coming up.