Market Update

As usual, after 2 p.m. (although I find it hard to believe the max pain pin was down where the Ukraine news took the market), we tend to see price move off in a different trend.

It seems our leading indicator, "Professional Sentiment" called this one out correctly, although the math on this is pretty easy, "You need higher prices and demand to distribute in to".

As for the Leading Indicator posted earlier...

Our Leading Pro Sentiment Indicator... (red) vs the SPY looked pretty clearly like there was a bit less fear about the weekend or at least the immediate future intraday.

 The IWM was reflecting that as well intraday.  I don't expect to see much in the way if distribution today as they need higher prices to carry that out which is the point of a bounce in this situation to begin with.

IWM leading 3 min with fast and strong intraday recovery.

QQQ 3 min with the same

And SPY leading price.

The TICK transformed from down to improvement to up , it took some lateral trade as usual.

One group that hasn't recovered very well (3c and price) is financials, so I may be closer to a FAZ entry than the broader market analysis would suggest.

I'm going to hold off on the weak ahead post until I see what trade looks like closer to the close. My gut feeling is that this bounce isn't over, but is pretty close to being over. Today was essentially a wasted day as far as the bounce/distribution goes, no higher prices, nothing to sell in to, but there wasn't a lot of panic either so I suspect we have some more upside ahead of us next week, but each move to the upside brings us that much closer to this bounce ending.