16k, 1800 and flop

The volume I'd expect on a breakout above such a strong psychological level was puny and the follow through, almost as bad. The confirmation between the averages may be the worst.

You might recall last night that I was on the fence with Friday's intraday trade in to the close, what really mattered for this morning, but I gave it the benefit of the doubt for 3 reasosns...

" Looking at the closing intraday charts, it's a coin toss as some like the SPY held in to the close and others didn't"

And this is where it gets interesting for the NASDAQ 100...

The other 2 reasons were the psychological levels and the last was a gap up would allow a set up for a bearish engulfing pattern which cannot take place without a gap up.

Any way, as I said last night, it was just a skip to those levels, the Dow had to move less than 0.25%, the SPX about +.20% to make the targets.

Here's a look early on, but remember I'm very skeptical of early trade, especially on a day like this.

The SPY's volume was horrible, you'd think there would have been a lot of psychological limit orders, not much at all.

 The Dow a bit better, but nothing like I'd expect say if this were 2006 or any time before 2009.

THIS QQQ INTRADAY CHART IS ONE OF THE ONES MENTIONED THAT WASN'T IN LINE OR POSITIVE IN TO THE CLOSE FRIDAY. THIS IS A PERFECT EXAMPLE OF HOW 3C CHARTS PICK UP AND PRICE ACTION, RIGHT WHERE THEY LEFT OFF THE PREVIOUS TRADING DAY. A Negative Divergence in to the close Friday and the Q's are below Friday's close.

The IWM is similar, in line intraday, but still a relative negative divegrence and ultimately sending the IWM below Friday's close.

It's still early in the a.m. so I'm not locking on to any of this data, but keeping it in mind.

I THINK THE MOST INTERESTING PART OPF THE POST IS WHAT I'VE BEEN TELLING YOU ABOUT HOW 3C ENDS AT THE EOD AND HOW IT PICKS UP WHERE IT LEFT OFF THE NEXT DAY, THIS ISN'T 3C, IT'S THE MARKET.