Market Update

The intraday negative divergences keep building, the IWM is seeing the bulk of it with SRTY and URTY (3x long IWM ETF) confirming, however the SPY and QQQ are also seeing migration, so far in the IWM's case, the migration has been quite fast.

I don't just provide market updates so you can see what's going on, but so you can use them. One of our members, Tina (hope you don't mind T) came to us not so long ago as a novice, she used yesterday's information to put on a trade that is more risk than I'd usually take, but in the market the only thing that is risk free has already happened and you can't make any money from that. In an email exchange this morning she said,

"Thanks!!  And, good morning!  Yes, I was L (long) from yesterday's low with weeklies (188s), sold for 4xs... happy dance."

So once again, these updates are not just to know what's going on in the market at the time, but she used them to put together an ultrashort term, leveraged trade and sold them this morning for 4 times what she bought them for, congratulations Tina.


The charts...

 SPY intraday 1 min continues to lead negative even deeper, now at new leading negative lows.

Here's an intraday view of the same chart.

This is the SPY 2 min which saw no confirmation which it could have confirmed by 10:15 this morning if it were there, we are seeing some migration to the 2 min here.

The SPY/NYSE Custom TICK Indicator was shown earlier, more and more stocks are closing on a down tick as you can see by my custom histogram which is just about to go negative meaning more stocks are closing down each bar than up, the TICK is the number of all NYSE stocks closing up less those closing down for the bar which is 1 min.).

 QQQ 1 min w/ yesterday's positive divegrence and another failure to confirm which on a 1 min. timeframe could have happened 15 minutes after the open if there were confirmation, instead it seems there has been distribution in to the gap up.

This is the intraday view of the same chart.

You can see there's clear migration to the 2 min chart, this is what we were wondering about yesterday, but it seems a few things have been cleared up, did you know some of the most profitable traders are Congressional Staffers? Ever wonder why? It would be events just like this, imagine being John Kerry's assistant and trading what you over hear.

 QQQ 3 min is starting to see migration (negative) as well.

IWM 1 min, we most often see divergences in flat zones along VWAP , note how flat IWM is here during this leading negative 1 min divergence.

We have migration leading negative on the IWM 2 min as well

And migration of the negative to the IWM 3 min

This is URTY, a 3x leveraged long R2K or IWM which is showing the same signal or confirmation

Its 2 min chart is seeing the same migration as well

And the 3 min chart.

The inverse 3x short IWM, SRTY is showing the opposite, leading positive divergences in the same timeframes, this is confirmation since all of these trade different volume, there wouldn't be the same signals unless something were going on, that's the reminder of "3C", "Compare, compare, compare".