Early Update

In yesterday's end of day post, I noted how strange the market reacted just prior to and after the 12:15 $USD dump as well as noting that the daily chart looks pretty interesting for a breakout from the range that started last Friday through this week, it's plenty big enough for a decent bounce.

One of the things I mentioned last night was to look for a break of the SPX's 100-day moving average as a head fake move (which means we'd have to confirm accumulation during a break below the average) before any upside move can begin, this is part of the reason I'm lowering some of the small spec. long (calls) positions, I want to make sure there's a true head fake and not a break lower.

 This is how close the SPX is to the 100-day and a break below would be a perfect momentum ignition for an upside move off the 5-day range/base for the bounce higher, but it needs to be confirmed as showing accumulation, otherwise it's just a break to a new low which is why I have kept all of my core shorts in place other than FAZ which I intend to add back.

This morning there was no gap up confirmation so the idea posted last night is not so unrealistic.

However there are still strong enough charts for a decent bounce like this 60 min SPY.

 This 15 min QQQ is strong enough for the bounce I anticipated.

As is the 15 min IWM.

The Q's and IWM intraday charts also have not confirmed like the SPY.

 QQQ 1 min

IWM 1 min.

The thing that concerns me is the change in character of 3C yesterday right around the $USD dump.

So I'll be looking for a set up such as mentioned last night, however even if we do get a beautiful bounce,  don't forget where we really are in the bigger scheme of things...

SPY 4 hour... This market is done, bounce or not, it will head significantly lower.