Market Update

There's actually a lot happening today so I may have to post several of these, but thus far it looks like we are moving in the tight direction and the long/call positions I said on Friday I thought we'd be able to enter late Mon or Tuesday after early weakness, look to be pushed out a day to this area. So today may be quite busy for me, please understand if I'm late with email responses.

I'll show you the averages, there are some really interesting divergences that are probably going to be even more so by the time this is posted.

 DIA 3 min trend with distribution in to the F_O_M_C and an impressive leading positive now


 5 min is broader, with distribution again in to the F_O_M_C and accumulation recently and building stronger today specifically.

Just so we don't forget...

 Although this hourly chart will allow the market room to make even a significant upside bounce, the end of the story isn't pretty. The leading negative has grown worse and worse, it seems the last F_O_M_C was really a strong turning point, the minutes should be interesting.

 IWM intraday positive also very strong thus far, it's still a process, not an event.

The 2 min is following up so that's a good signal and they are moving fairly quickly.

 You probably recall last Friday's EOD update with distribution in to the afternoon telegraphing early weakness this week, a little more than I expected, but we went from negative to in line and now the 3 min which is key, is working on a positive.

 The 15 min IWM which has been negative shows accumulation in Aug, a run up to a large bullish ascending triangle so a head fake move there made sense, the breakout failed and From failed moves come fast reversals"

However the hourly chart is not rolling over yet so there's room for another swing to the upside.

The longer 2 hour and beyond rolled over a while ago so once again, the story doesn't have a happy ending for bulls.

QQQ...

 Again interesting intraday strength- 1 min QQQ

Here's a closer look, remember TECK (XLK) had interesting positive divergences forming yesterday.

 QQQ 2 min migration and a fairly strong signal where as,  the Q's have been the weakest looking of all the averages as far as 3C signals go.

 This 3 min is working on a positive, it's at a relative positive, it needs to lead before I'd enter anything long here.

SPY 15 min has managed to stay positive, I think there has been a lot more retail selling than institutional, it may not appear that way, but this 15 min chart wouldn't have held together with thee kinds of moves if institutionals were behind it, besides, they typically don't sell in to weakness, that's retails gig.

 SPY has been stop hunting, they know where the stops and limits are, it looks like the predictable $165.50 was the area, it was hit late yesterday and check the volume, larger than anything else in this move, so that's where they've been heading.

 Again, 1 min intraday with a very strong leading positive signal and right as the stops were hit, "All of your shares are belong to us!"

SPY 5 min has held together fairly well, the leading positive is a good sign with the other signals so I'm a lot closer to entering some longs.

The SPY 30 min, distribution in to the F_O_M_C and a very positive signal in to the multiple stop levels that have been hit. You may recall the SPY was only positive to the 15 min, now we have a clear 30 min,

I'm checking futures and leading indicators and then sweeping the asset list if everything checks out.