Market Update

I've spent a lot of time today looking through individual assets while trying to keep an eye on the broader market which is what this seems to be all about.

As I said earlier, these divergences should be on the 1-5 min charts and that's about where they are. Yesterday was a fail, but I suspected last night they'd be back today and that's why I went ahead and wrote the second article last night.

My intentions aren't necessarily to try to milk avery last drop out of a move on the upside, I'd like to see us make a few extra percent, but I really want to be ready with dry powder for when we get there because I don't think I'll have quite as much time to put together an asset list.

I haven't had a chance to look at everything and some of these are not the best charts, but they are the averages. Other trades that we want to get back in to (longer term) are shaping up (certain areas) so we should be rolling from one asset to another, I think last night's article couldn't have been more timely, especially the part about going back and looking at historical markets from an emotional perspective and knowing what's normal and what's not, I'm glad I got that out and I hope you make the best of the exercise, it's for your benefit.

Index futures, you know what I'm looking for, 5 min+ charts.

 ES 5 min w/ a potential head fake move in place.

  NQ 5 min w/ a potential head fake move in place.

  TF 5 min w/ a potential head fake move in place.

SPY

 1 min w/ yesterday's fail

3 min

nice 5 min

and stops at 10-min

15 or course is as nasty as it was yesterday.

QQQ 1 min

QQQ 3 min

QQQ 5 min, so there are some pretty good signals, yesterday we had a pretty good idea of what to expect, it seems we were right on.

IWM 2 min

IWM 5 min, the reversal process is proportional, but a bit small which is what I'd prefer any way for this kind of move, but I can't say for sure it's done.

The NYSE intraday TICK, as you'd expect, the people in fear from yesterday opened the session (as retail does) with some -1500 net TICK, lots of selling early, but look at the trend in the afternoon.

My custom TICK indicator...

 1 min transition

3 min transition, it's not that long, but it's quite clear.

I'm going to check some other assets, Wall St. will NEVER make anything easy, so you've got to watch for everything and know what are scare tactics and what is real.