So far no follow through on yesterday's move, another indication suggesting a typical F_O_M_C knee-jerk reaction, what's important about that is that the knee jerk reactions most frequently are the wrong reaction and are reversed and then some.
So far there's more intraday deterioration....
DIA not only did not confirm on the very fastest chart which should be able to confirm in near real time, maybe a 5-10 min delay, but there has to be some underlying action. Now we see an even deeper divergence developing.
The IWM was the long call from Friday so the inline status (green) is normal for a 1 min chart, it's yesterday's non-confirmation and today's deeper leading negative.
The Q's are showing the same
And the SPY is starting to lead intraday as well,
that's confirmation between all 4 major averages.
I'm still considering adding to the IWM put position , I'm a little hesitant with quad witching tomorrow, but if the signals and set up are there, I believe this move will be faded.
I'm also still a bit concerned about NUGT, that's quite a gain and gap, however, as noted, gold is usually bought on the EXPECTATION of inflation, CPI showed us that we have at least an 8 month trend in which inflation has more than doubled.
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