EOD Market Update

I think we've just seen the fade of the F_O_M_C "knee-jerk " move, however the concept is not that the move is faded, the concept is that the initial knee-jerk is often the wrong direction and the charts/price bear that out in the coming days.

In any case, lots of damage done today, the 11:30 QQQ put position is double what I last posted, at +45% at last look,

Today's QQQ put trade, at +45% now.

This is ironic because yesterday I was looking at SQQQ long (3x short QQQ) and felt the only thing it needed was a head fake move which is what we got today.

 This is the 1 min QQQ oversold bounce signal I mentioned, but so far, it's just here.

The 2 min chart is hitting new leading negative lows with no positive divegrence

As is the 3 min chart.

The SPY shows the same thing on a 1 min chart, however...

 It shows the same thing on a 2 min chart at a new leading negative low.

As does the 3 min chart with the FOMC in yellow on the 18th, all, but totally retraced now.

And while not showing the true scale of damage, it's the near term I'm interested in as far as timing and this 10 min chart shows a clear break in to the FOMC as was suspected with no 3C confirmation of the knee jerk and distribution signals since along with numerous other signals.

The 1 min IWM is in line, no positive divegrence.

However vs. the FOMC knee jerk, which is interesting because I showed these charts of TF 15 min and IWM 15 min last night, distribution really started heavy here yesterday as can be seen above or in last night's post, What Has Happened Since the F_O_M_C

Right now it's just a matter of finding the right stocks in the right place as many are on top of right shoulders of larger H&S patterns.

More to come after the close...