Intraday Market Update

Here's what the charts are looking like, ironically right around the hour the op-ex pin is lifted. Some look like they need a little more work, in my opinion the IWM has the best looking short term underlying trade for a bounce, that's why I chose it for the Spec. Call position.

 IWM 2 min intraday was perfectly in line (price / 3C trend confirmation) and then as the IWM makes a bearish descending triangle that would serve as a perfect head fake to draw in more shorts as they expect this bearish consolidation/continuation pattern to break lower to make a new leg lower, they short squeeze them in a bear trap essentially on a smaller scale, but this is the fractal nature of the market.


Note the divergence, it's 2 min, not a huge deal, but it's in the right place at the right time and is impressive for the timeframe.


We talked about migration when looking at NFLX, here it is on the IWM's 3 min chart also in a leading positive divegrence at the same area.

 Just to put things in perspective so we don't get "Lost in the lines", miss the forest for the trees... this is the 3 min trend in 3C, you can see that no matter what today shows intraday and no matter what comes of it, this is a very bearish trend in 3C and has moved the IWM.

This was surprising, a 5 min intraday leading positive divegrence and the reason I chose the IWM over the other averages.

We also have migration all the way out to 10 min intraday so the IWM looks like it's going to see a real bounce here.

The QQQ 1 min since the opening gap where it was in non-confirmation, actually worse, distribution and then the downside 3C confirmation and a positive divegrence developing since it started moving laterally.

The 2 min chart with roughly the same signal.

And the QQQ 5 min chart so not bad, but the IWM looks a lot better.

SPY 2 min, you can see about how far along the reversal process is in this case.

We have SPY 3 min migration with a small leading positive

The larger view of the 5 min showing where resistance and the head fake area would be or is, we also have a relative negative divgerence between the first resistance area to the left and the highs to the right as well as a negative and leading negative divegrence to the far right. There is no intraday positive on the 5 min SPY, again the reason I chose the IWM calls for a quick long/bounce.