Market Update

Finally getting some movement! All this morning has been in line, nothing to speak of of any interest, which is odd considering the way the 5 min Index futures look as posted earlier today.

Here's what we are starting to see now, I will be looking at VXX closely for a May 17th call add to, I have not made that decision, but am considering it. Of course VXX long or UVXY long should be decent trades as well if the call position add-to sets up.

 The SPY 1 min intraday has been in line most of the morning (green arrow), it just put in a neg. divegrence.

The trend view of the same SPY 1 min chart has been leading negative for a couple of days now so it has been strongly hinting at a decline to come.

There's also migration which I'm thankful to see, this is the SPY 2 min leading negative.

The (2 min) IWM intraday this morning has also been nearly perfectly in line and just went leading negative with the SPY.

 It's pretty early in the process of intraday migration, but there's a relative negative on a 3 min IWM chart so it does seem this momentum should pick up (negative divergences).

The Q's intraday (1 min) were in line all of this morning too until a recent small leading negative formed

And here's the 2 min view.

With some migration starting to move to the 3 min chart, migration of a divergence indicated it is getting stronger.

The QQQ 5 min has been looking pretty ugly and suggesting a move down to come, I have been wondering if it would go for a move above the yellow trendline, local high.

 This is the ES 1 min chart and it's confirming the averages.

This negative action is what I'd expect given the look of the Index futures on a 5 min chart...

ES 5 min leading negative and very quickly.