EOD Market Update

I've looked around quite a bit, I still have more looking to do, but I've decided (especially with an op-ex pin tomorrow) that I don't see a decent swing trade, the only reason I took the options trades was because they were strong signals I felt good about. I feel like taking a trade right now is just trying to keep a streak alive or be a busy body and try to force something to happen and that's no reason to enter a trade.

Here's basically a snap-shot of what I'm seeing...

 SPY 5 min, there's a divegrence there, but it's not screaming "Buy" to me and there's what looks like the start of a reversal process, although the bottom reversal (to the upside) are typically tighter than the top reversals (to the downside), it just doesn't look mature to me. I wouldn't be surprised if there were some spike based on the parabolic move, but I don't feel comfortable that if there was one, it would have enough juice to analyze it, see if it has anything and get out before it pops.

QQQ 5 min with a small positive, also an incomplete reversal process, the best thing that probably can be said about today if you are interested in playing a long is that most of the averages caught down to the double bottom area.

 QQQ 10 min is interesting, but not for me yet, I think the best place for a reversal process is under the trendline on a head fake move.


IWM 1 min, that's just not enough

And the 10 min, again, below the trendline is really the best place for these to carry out a basing process so I'll be patient and wait for the screaming set up