MARKET UPDATE

It feels like we are batting 1000 today, the market has done exactly what we expected Monday right down to the exact details of what it would look like, the pullback I just mentioned looks to be right on course.

For time's sake because I have more important things to do than watch URTY for the EXACT best entry, I'm going to get that partial position in place.

 SPY 1 min suggests a pullback as mentioned in the last post.

SPY 3 min continues to chop sideways which is what I said would need to happen for this positive divergence to develop, smart money trades in big size, even their small trades so reversals are a process, this sideways movement and accumulation near the bottom of the range is part of their positioning.

QQQ 1 min also suggesting a pullback, this is likely where we see stronger divergences develop (in to a pullback) as smart money wants the same as us, to buy on the cheap with less risk.

The 5 min QQQ chart had no such divegrence Friday, so this is what I was talking about, "We need to see a reversal process and it will likely last about 2-2.5 days".

IWM 1 min as you already know

And the 5 min.

Now... Remember me closing the UVXY position (long) earlier as it trades opposite the market?

 Remember there was no negative divegrence, just confirmation when I made the decision based on volatile, parabolic price movement. Then came the negative divegrence and as the market is looking to pullback intraday, VXX / UVXY are giving the opposite signal as they should, this is further confirmation.

However, the 3 min chart that was perfectly in line earlier for the VIX short term futures, is now showing more significant damage indicative of money moving from safety to risk for our bounce.

The TICK chart shows a pullback being likely in the channel.

As does my custom TICK indicator.

SO FAR, SO GREAT