Of all the averages, it's the weakest over the week that is now looking stronger, the SPY and I do think the volume surge was short term capitulation for an intraday bottom.
SPY 1 min massive improvement, still
ONLY a 1 min chart.
The 2 min is seeing migration for this bottoming process.
Even the 3 min chart is now showing a little positive divergence.
The QQQ 1 min continues to build.
The QQQ 2 min is leading positive, although small and a short timeframe.
And a relative positive QQQ 3 min
The IWM which was in line has a 1 min positive, the trend in price has clearly changed to lateral as suspected, this is likely an intraday base reversing this morning's price action.
IWM 2 min is about as far as that one goes.
HYG has seen intraday repair so it looks like they WILL USE HYG to support the market.
The 10 min chart is still positive so this could continue in this odd shake and shimmy, but the 5 min chart has seen a lot of damage that was not there before.
VXX / UVXY has a negative as it should have to confirm everything above.
I haven't changed any plans, I still have QQQ/IWM calls that are much smaller and only 5% or so of what is otherwise bearish shorts/puts so it's a small hedging position.
I would not increase the size as I do have room unless I saw something that looked a little more serious, this is still just jiggles as we have seen this week.
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