Market Charts

As per the last post, here are the associated charts. It is starting to look pretty clear that this has been about selling in to higher prices, the bear flag type pattern that was disrupted by Bullard yesterday, seems to have been put in place (there was accumulation to start the move) and sell in to higher prices or short as we had virtually no signals at all the first two days as it would not be worth selling in to something that was not yet higher prices.  There may have been an options expiration (weekly) pin, however based on the timing of the last intraday sell off, it was pretty close to the time when the pin is usually lifted.

Here are the current charts, intraday, the main theme is there has been no confirmation of the recovery and in many cases, the signals are worse which would indicate more selling in to the recovery bounce from the last intraday sell off (-1300).

 DIA looks even worse on the intraday bounce from the intraday lows.

The IWM 1 min (fastest chart) has not moved to confirmation of the bounce off the sell-off, it remains in leading negative position suggesting there's just more distribution in to the recovery bounce.

We see the same thing out on the 3 min chart which would suggest it's heavier activity as this is a longer timeframe that shows heavier flow.

And the 5 min chart would seem to confirm that as it remains leading negative.

The QQQ looks even worse than the first divergence sending it lower, it's now leading negative vs what was a small leading negative or almost a weaker relative negative divergence.

The QQQ 2 min chart is following suite with a deeper leading negative divegrence.

At this point, I'd almost consider fading the move with options, but there's still that support in the area.

SPY again, a deeper leading negative divegrence, not even an attempt to confirm the bounce.

I see it looks like the next move down is starting already