Market Update

Today's volume is much better than yesterday's and the migration process looks much more natural today than yesterday (I suspected the low volume was the culprit).

Even a head fake move needs to A) be confirmed and B) put in its own reversal process (which is obviously smaller as they are proportional).

Here's where we are with the averages, I think I'll cover VIX futures in a separate post.

 SPY intraday 1 min with early confirmation slipping to a negative which is now migrating in early timeframes unlike yesterday.

SPY 2 min, also early confirmation this morning which is slipping to a leading negative divegrence intraday.

And the 3 min chart's trend so I can show the counter-trend bounce with the head fake or "Igloo with a chimney" price pattern that is seen so often in head fake moves on a topping pattern, these occur in ALL timeframes, the market is FRACTAL.

QQQ 1 min

QQQ 2 min deteriorating intraday which helps verify this to be a head fake move, but there's still more work to be done.

And migration of the QQQ negative divegrence is just making its way to the 3 min chart.

 IWM 1 min

IWM 2 min, I just recaptured this as it started moving faster with a leading negative divegrence.

And like the Q's, the 3 min chart is almost seeing the migration process move to it which is what we need to see to verify a head fake or false move.

However as I pointed out with the 3 min SPY chart above showing the entire counter trend bounce, this would be today's head fake move which would need to form (as it is) its own reversal process and because intraday traders will place limit and/or stop orders right above today's intraday highs, that makes for another smaller head fake target so you may have a similar look on this 1 min intraday chart as you do on the 3 min SPY chart of the last 4 days or so.