Market Update

Everything is a bit noisy right now, but as I mentioned earlier, the upside intraday move didn't have much chance of going far unless it can create a larger base which would likely involve a head fake move making a lower low intraday.

Here's what we have so far, it's not a lot, but it would be the first chance the IWM has to put together its bounce as the head fake/support level we were looking for to be taken out as of yesterday has been taken out.

SPY intraday volume build up at the low and in line thus far, a pullback at least to the white trendline would give it a chance to forma base that it can get a better bounce off, more importantly the IWM. There's a very high probability even with a successful base area, that a lower intraday low would be created on a stop run move.

 IWM 2 min inraday doesn't look that bad all things considered so there's  a decent probability this base can hold water.

QQQ with the same short term volume capitulation leading to a bounce, but it will need more than that, essentially the same concept as the SPY.

And the IWM 1 min, not that impressive here, at least not yet.

The 2 min chart looks better.

Like yesterday and all week, sellers are firmly in control, I suspect the little upside break from the down channel will resolve with a move lower.