There's an increased ROC of 3C on the upside of intraday charts, it's most noticeable on the SPY 1 min, but I thought I'd point it out on ES (SPX e mini futures) 1 min chart...
ES 1 min with an increased ROC of 3C (positive). From the looks of price or the "reversal process" as just about every trend has one (even an intraday bounce), there are two possibilities, the market calms down and comes down toward intraday lows and makes a larger "W" like base or this "U" shaped base is complete and ready to go. In the first case that would make for a stronger bounce, still nothing of concern, but perhaps something that can be used for tactical entries or perhaps something that might make you consider taking some positions like VXX calls off the table or maybe market average puts like QQQ puts that have a near term expiration off the table.
If it is the second and this is ready to go, then we should simply see the move start, with this much time left in the day we'd likely see the end of the move as well, this may provide some entries in to new positions like market average puts or long inverse ETFs,
the size of the base really does have some proportionality with the proceeding move.
More as it develops, I'm concentrating on positions that look viable or may be soon that offer good entries and low risk.
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