SPXU/Market Update

In the SPXU Trade Idea post I posted this chart with the following excerpt...

"And the minimum for me to enter a position, the 5 min leading positive, plus a nice rounded reversal process that is proportional. We'd usually expect to see a stop run right about now, just before this makes a move to the upside."

If this were reversed, say the SPY, it's that "Igloo with a Chimney " concept, just flipped here.

Here's SPXU hitting some stops which is what I wanted to see before adding to the initial partial position.

 SPXU volume up and 3C still positive there suggests stops were hit which is something we see about 80% of the time in all timeframes just before an expected reversal.

This is what the concept looks like on SPXU, despite the negative divergences Friday, it makes sense that there's a reversal process in the rounding bottom, but we always look for that last little head fake move that creates that "Igloo with a chimney" look.

 Here's the same concept in the SPY, SPXU is 3x short SPX/SPY.

As far as adding any other positions, I'd watch the NYSE 1 min TICK chart and wait for it to break below this channel.

SQQQ (3x short NASDAQ 100) also looks good as the QQQ has seen a worsening negative divergence like SPY as well.