It looks like we are FINALLY going to get an intraday pullback which I'm most interested in right now for entries in to positions like PCLN.
The Index futures are in line and not showing the same as the averages, but that's fine. I'll use the SPY as the main example and show a few others.
1 min SPY intraday negative divergence should pull the market back a bit.
At 2 min it's in line so not a major pullback here.
At 3 mins it's still negative so any upside thus far today has not been significant either as far as underlying trade and our trend expectations .
This is the 1 min QQQ, you should be able to see the negative divgerence pretty clearly.
This would be most useful for an entry in to something like PCLN calls which I want to hit on price weakness/3C strength.
This is PCLN 1 min as it was when I featured it just a bit ago as a trade idea and ...
The 2 min has joined so I think there's a good chance we get a shot at this one.
I think this is all window dressing only, either they (fund managers) don't have it and want it for their prospectus to make it look like they were in the right stocks or are in the right stocks or they held it and want to get max gains out at Quarter's end for the prospectus as well, it doesn't change the larger core short in any way.
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