Quick Update

There has been some more serious damage done, but the one average that has had the best divergence looks set for a bounce, how it responds in that (IWM) is where we can gather a lot more information, especially if the 5 min+ charts continue to deteriorate. I'll have more charts out in a few minutes, but for the time being, this is the IWM, now down about -.83% looking like it's going to make a larger bounce intraday.

 IWM 1 min intraday looking like the IWM is preparing for a decent intraday bounce, "IF" the right set-up takes shape, I'd consider a short term IWM call to play this.

 The 5 min chart has seen earlier deterioration, but it has found a positive divegrence recently, this is in contrast to the SPY 5 min chart which is looking worse and worse, but still likely to bounce intraday at least.

IWM 2 min looks as if it has been accumulating the lower prices specifically for a bounce, which gives me hope that out FB, TWTR, P, AMZN, PCLN, NFLX short set-ups are still going to offer the best opportunities, although on a longer term basis, they are already at GREAT opportune areas.

The IWM 15 min has a relative positive (weaker form of divegrence), but still a 15 min chart, it pales in comparison to the distribution that led to the 4% decline last week as seen at the red arrow.