Market Update

I needed the last post out so you know what I'm looking for and why. A head fake has to be proven, in this case a head fake break of support on a bearish triangle would need to show accumulation in to lower prices, that hasn't happened yet, I say yet because the triangles were so precise, clean and textbook, they looked like they were purposefully put there and there's only one reason to do that, but again, we need objective evidence before making assumptions.

Otherwise the short positions added for this move should just be allowed to work.

Here's what I have so far...

 The 1 min intraday SPY would be the first place we see any new divergences like a positive divergence making it probable that the move below the triangles is a head fake, but we don't have anything like that yet, in fact just the opposite, a deeper leading negative. The market does move fast, especially on moves to the downside so I may have to put out some updates that are text only.

 as of this capture, the 2 min SPY was still in line, not positive, but in a leading negative overall position if zoomed out to proportion.

 The SPY 5 min looks the same as earlier, the 1 min negative would need to turn the 2 min chart, then3 min, etc (migration of the divergence) before it hits the 5 min so nothing unusual here.

The IWM 1 min is also leading negative  in a larger context.

 intraday it's about in line with price or confirmation.

The IWM 5 min chart "could" still post a relative positive divegrence within the deeper leading negative, but the intraday 1, 2, 3 min charts would need to start going positive.

 This is the QQQ 1 min, that's a deep leading negative that WAS NOT there earlier

 The 3 min chart still has a relative positive, but that's a matter of migration/time.

And the 15 min QQQ, I just wanted to show that this could simply be the reversal process to the downside as we had the head fake move yesterday that formed the chimney and what we see today would be a normal looking reversal process.

As I said, for now I'm just letting the short positions that were opened for this particular move work and looking for opportunities.