It seems that the VXX move and signal I'm looking for is still on the table as the market did as I expected earlier and transitioned from a downtrend to a lateral or sideways trend and in that range built positive divergences, in fact I believe we have our first 5 min positive of the week for the averages, but this is nothing to panic about as a short.
Take a look... This is why I was going to add to the QQQ or IWM call/Hedge March positions, I think they'll do well over the next day or two and that's really about it.
VXX...
VXX leading negative, this is what I need to get the signal I'm looking for and confirms the charts below...
IWM 1 min today
IWM 2 min
IWM 3 min
And for the first time, even an IWM small 5 min positive in to the "W" base this afternoon.
QQQ 1 min
QQQ 2 min leading positive
QQQ 5 min also the first time this week, but it's not large and not a concern for puts/shorts.
SPY 1 min
SPY 2 min
SPY 3 min
So as you can see the underlying market trend was accumulation in to today's lows, this is what we needed and there will continue to be volatility and ups and down, but nothing has changed since Friday's expectations for this week, there are no divegrences that threaten anything considerable on the upside, but there may be enough to get that pivot signal telling us right before we move to a primary bear market, keep an eye on the VXX.
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