Market Update

I'm still being patient, there's no point in trading lateral chop anyway. It looks like an intraday pullback is on its way, this after the "W" pattern just completed. The pullback doesn't look like anything of much interest, although those additional leading positive divergences I'd like to see would most likely appear during a pullback, smart money doesn't chase prices higher.


SPY as an example

 Yesterday we had the pattern in white, it was clear it was too distorted to be a wider "U" shape so a "W" base made sense, the yellow arrows are today's action forming that "W" base.

This is a 1 min SPY intraday that has moved up to form the "W" or complete it, there are some small intraday 1 min negatives in the area as you can see above.

The 2 min chart shows the second half of the "W" being stronger than the first half which is a normal progression for a divergence.

The 3 min chart is leading positive and looks good or off to a good start for today's action.

The 15 min chart also shows a stronger divergence today than yesterday.

The bigger picture with last week's range gives us a 39 min positive which is a pretty powerful signal and it's clearly positive, a little more on 3C and we'd have a stronger leading positive.

I can't imagine having a 30 min positive divergence and it not firing price to the upside.

 The end result for the Q's also gives us a 30 min positive

As well as the IWM (15 min positive).

It's still very short term timing charts I'm patiently waiting for, I don't want to enter early and be caught in a range or worse.