I may be opening some of those new positions sooner than later. We didn't talk about it, but today is an op-ex Friday (weeklies) and the pin usually holds until about 2 p.m., what price does after that tens to be random, but the 3C signals almost always (as you have seen every week) pick up on Monday right where they left off, so it's time to pay attention.
Since we didn't even get confirmation on the fastest 1 min charts this morning, the market is in a fragile place that can move very quickly because there was no confirmation to unwind, we started from a leading negative position.
A few charts already showing some red flags...
IWM zoomed in to intraday is showing some leading negative properties and its close to 2 pm
The Q's (as I said, no confirmation, so this leading negative starting can get out of control fast.
QQQ 3 min is already leading negative.
I think with clear intraday resistance like that, it will be broken on the upside, that's where I'd reallt be watching for distribution to pick up.
ES intraday is going negative
As are R2K futures
As we saw earlier, VIX futures are seeing accumulation, but now the signal is 2x as strong
VXX/UVXY are also seeing accumulation and the signal is leading positive and even stronger.
HYG, a manipulation lever is seeing even stronger intraday distribution
And some of the industry groups like Tech above are not in great position, well it's great if you want to short them or buy TECS long, but the point is,
we are likely to see deterioration accelerate after the 2 p.m. pin is lifted.
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