A.M. Indications

Pretty choppy thus far. Yesterday's intraday leading negative picked up where it left off with a gap down, you'll see what happened after that.

As far as VXX / UVXY, I put out a short term trade idea yesterday (weekly calls), Trade Idea: VXX / UVXY (long) and had said,

"If you want to put a higher standard on the trade you can look for a stop run/head fake move below today's intraday lows / range, that would put a higher standard, but I'm ok with entering here as I'm treating this as a speculative position, smaller in size.

I'm going to go with VXX weekly May 2nd at a strike of $40 here, I may add to it if I see a head fake move."

We got that move below the intraday/range VXX lows yesterday, as far as adding to the position, I said I'd think about it and depending on the signals may, although I'm a bit hesitant right in front of the F_O_M_C, however there are some interesting charts developing there.

 DIA with an early minor positive divergence at the a.m. lows today and a minor leading negative divegrence right now.

IWM from yesterday's leading negative, it is in line here, although that is deteriorating since this capture.

QQQ with a relative positive at the a.m. lows and an inline status that is deteriorating quickly since this capture.

 SPY 1 min with the same relative positive at a.m. lows and eroding signals that are worse since this capture. Actually, much worse, leading negative.

VIX

 1 min leading positive after the break below intraday lows as suspected yesterday.

The 3 min also looking pretty good.

And the 5 min which looks good, but if 3C pivots up here, it will look even better.

Since the captures of VXX / UVXY, all of the signals have improved significantly except that 5 min chart is still not quite making the strong locked in pivot, although it has started to with a move to the upside like the arrow I drew in.

I'll hold the VXX $40 weekly calls (expire 5/2) for a bit and see how things go, obviously I don't want to hand around too long.