Market Update

It has been another strange day like yesterday with few intraday signals, however where they really count the signals are quite clear. I'm still not sure what the set up is Wall St. is trying to slip in to place, it appears to be a bear flag and we know they are usually head faked to the upside before failing, but how much does Bullard's comments this morning change things? It seems the market knew they were coming late yesterday as all of the major averages went negative on 1 and 2 min charts and picked up that forward forecasting in to today's open.

The TICK has virtually been trendless except to say that it has stayed more positive . The last two days are two of the strangest I've seen intraday, which of course makes me wonder about the strange change in market tone/character as these things are often some kind of red flag.

 TICK shows an unusual day of virtually no trend other than to say it has been fairly positive being mostly above zero.

Like yesterday, intraday SPY 1 min has been in line all day, except at yesterday's close when all of the averages went negative

SPY 2 min is showing the same type of negative character in 3C toward the afternoon/close as yesterday.

As QQQ is, but these are strange days being in line (green arrow) for so long, perhaps it's selling in to certain price strength levels and the morning and early part of the day is spent getting the averages back to those levels, I'll have to take a close look at where VWAP is.

 The IWM's character intraday has been quite negative as it was in to yesterday's close, but a lot worse today even though we are still looking at intraday trends, it almost seems like a very delicate dance to avoid knocking the market down, easing supply out in to higher intraday prices, this is what market makers/specialists get paid for.

However...

Where it counts on charts like this IWM 15 min, the trend is quite clear, strong distribution which fits considering where we are in the daily price pattern, the top of a right shoulder in a H&S top.

And the 60 min chart just makes that point more clear.

 As does the SPY (15 min)

Financials show the same where it counts, 15 min

And of course 60 min which makes me very interested in FAZ long, but perhaps I'm spending too much time looking at the intraday trade, getting lost in the lines when we have clear, very negative signals where it counts.