Market Update

I'm teetering on making some moves as there are some real ugly charts, but I just have this nagging voice that keeps telling me, "be patient" which is hard to do when some of these charts and the longer term is already set very negative, I may look at some partial positions or perhaps find some specific assets that are ready now if possible.

Here are some examples of some charts that are looking pretty bad in different timeframes, other timeframes that aren't included either mostly in line, yesterday we had a lot more on the positive side which was pretty much in the 1-3 min range with a couple of 5 min charts.

*I'm not including longer charts like 30 and 60 min because for the most part (you know about the SPY) are already significantly negative and are set for a downside move.

The VXX continues to improve as well.

 SPY 3 min

This was the SPY 3 min positive from yesterday mentioned above, that's not there today.

SPY 10 min

SPY 15 min

QQQ 1 min , the yellow arrows are the head fake area from Tuesday.

 IWM 15 min has the look of a stair step continued downtrend.

 QQQ 1 min trend

QQQ 5 min

QQQ 15 min also looks like there's likely to be a stair step (lower lows/lower highs) downtrend.

So far the "upside targets" that really are only left in the IWM and the QQQ to a lesser extent (as the time above the pivot high was only the first 30 mins or so of today) aren't getting the kind of 3C support they'd likely need to make those runs above the former pivot high, this may be because of an op-ex pin for tomorrow or it may just be fading strength.