I can't complain, this is what we forecasted Friday afternoon for this week and I'm not going to be too upset if I miss an intraday trade when my portfolio on the whole is up +3.08% vs the market's -0.81 to -1.18%
In any case, the earlier positive divegrence on the 1 min chart that was so clean and clear is now a mess, there may still be something to a bounce, but it's not anywhere near what it was earlier. You may recall in the "possible intraday trade post",
Intraday Trade... I talked about the need for not only 1 min charts positive for a trade, but at least a 2 min chart positive.
The general feel I get from just about everything except the DIA (which I'm not interested in trading) is that there's negative distribution/migration.
Take a look at the charts, there may still be bounce trade that may shape up before the EOD, but as it stands, things got ugly quick.
This is the 1 min chart, but by now, the 2 min chart should have gone positive for the SPY...
The 2 min chart is in line intraday with the decline, a far cry from positive, so at present, NO TRADE,
but I'm glad I have my SQQQ, FAZ, NUGT in place.
The SPY 5 min has added to the downside leading negative today,
this is an institutional timeframe, the first actually and the fact it's deteriorating is not good, especially in to downside (they don't usually sell in to downside).
The QQQ 1 min that was nice and clear as a positive has been run over and in now in line with the decline.
If there's negative migration, we should see it soon.
QQQ 2 min positive, run over and heading for in line like the 1 min, thus far,
NO TRADE, but again, I'm very happy to have held SQQQ.
And the 3 min chart is seeing the start of bleed through migration from the 1 and 2 min charts.
The 5 min Q's have added to the downside divergence just like the SPY. This isn't coincidence or random 3C noise.
And the QQQ larger picture, we have the reversal process that I said we'd be expecting this week from last Friday as the upside momentum that "seemed" bullish, was the change in character that precedes changes in trends, the trend has CLEARLY changed since last week (remember there are 3 trends, up, down and lateral).
IWM 1 min is in line, but this isn't where the trading divergence was for a bounce.
It started on the 2 min, but as you can see, RUN OVER.
The more impressive was a 5 min positive, but again, RUN OVER,
NO TRADE HERE.
THE DIA is the only one looking somewhat decent, 1 min'
2 min
and 3 min, but I'm not very interested in it and the divergences here vs all of the ones above, just don't put a bounce trade on the right side of probabilities.
If you have entered shorts in to this head fake move, enjoy the day, I am.
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