Market Update

Right now the intraday signals for the IWM are improving, they aren't in an area that I'd consider re-entering URTY, but they are along the lines of an IWM continued bounce, reiterate, BOUNCE that we have been expecting.

The relative performance of the SPX and NDX is as expected, poor not only in terms of percentage gains, but underlying trade as well.

The same intraday trade seen in IWM is also seen in the Index futures, as well as showing ES and NQ looking much weaker intraday.

All in all, this is VERY similar to last week's bounce (not an impressive one) in the SPX/NDX in which distribution was nearly immediate on any price strength. I do think the IWM has more upside to go, but I remember the AAPL lesson all too well and I'm not going to be on the other side without very good reason and a very good entry like yesterday.

 IWM 1 min intraday from our earlier negative to some upside recovery.

The same is seen on the 2 min chart to the far right for the IWM which means the divegrence is growing stronger, but still a very weak intraday divergence, however in the context of the expected IWM bounce I think this is significant, not significant enough to re-enter URTY, but worth paying attention to.

As expected, the relative performance of the Q's and SPY has been poor. For that matter XLF/Financials as well which is why I did not change the SQQQ and FAZ positions and today seeing their relative performance, I'm glad I didn't take that risk.

 QQQ intraday 1 min

QQQ intraday 2 min

SPY intraday 1 min and it has a VERY slight move up in 3C, not at all like the IWM, really of not much interest other than the fact the IWM shows it, otherwise I'd consider it noise.

And larger damage in to any strength as seen on the 3 min SPY chart.

As I said, the Index futures reflect the same...

 Russell 2000 futures intraday 1 min

NASDAQ 100 futures intraday 1 min

SPX E-mini's intraday 1 min

As far as the TICK data, there's no trend much like price except for the opening gap where there was a print above +1250, since then it's exactly as you'd expect.

Intraday NYSE TICK.

I just pulled up the leading indicators template and am going to have a look around there , if there's anything of interest I'll post it.