SPXU Quick Note

I'm watching the SPY and really not liking the looks of it (well actually for current positions I do like the looks of it). I'd like to look at a few more assets before I said I'd establish or add to a average short like the 3x leveraged SPXU (S&P 3x short) ETF.

However there are some charts going negative about as fast as I can keep up with them.

Last night one of my only concerns for a reversal on the downside after Friday's very bizarre and market negative action, was the "Reversal Process", however, today's nearly flat trade rounds out that process, if you look at a slightly longer intraday chart like a 15 min chart, you can envision that arching white rounding top I drew on the charts last night. The process is still typically proportional, but as I showed last night, the last reversal off the Oct. 9th lows was indeed very tight, almost a "V" so while it may not be proportional completely yet with the size of the leg up, it would be with the last reversal.

I'll get some charts out ASAP, I just wanted to bring your attention to it. Also keep an eye on the NYSE intraday TICK