Market Update... There goes AAPL

There's finally some improvement in the intraday SPY/QQQ charts. This may actually yell us something.

We already know what we know based on the size of the accumulation and we know about the F_E_D knee jerk reaction, we may be able to put the pieces of the puzzle together here.

 Finally SPY 1 min starts improving

It has been this SPY 5 min chart that has kept me from closing SPY calls.

QQQ 1 min is improving.

At first this made me nervous, but looking at it I thought, "This looks strong, but it doesn't have the reversal process, the bottom isn't wide enough"

 VXX seeing a strong positive divergence as SPY was weak obviously made me nervous.

However once again the 5 min chart of VIX Futures tells me it's not ready to go yet.

This is what I'm thinking, protection is being bid at lower levels and will continue to be on a market move to the upside- There's a good chance that it's a knee jerk move and that would create these kinds of signals, by the time it was done, the VXX chart would be wide enough to have a reasonable reversal process.

We'll know in a few minutes.