Multiple Asset View

While there are a lot of charts still in line with the downside and nearly all have intermediate and long term divergences that won't be turned around, there are quite a few that are working on what looks like accumulation of lows and a broader base, I'll show you a cross section of the market (mostly the ones working toward some sort of base). I'd be very tempted to take gains in assets such as SRTY +12.65% since re-entering it last week if indeed a bounce looks probable. I'd likely put most on the sidelines and play a few select longs with either 3x leveraged ETFs or calls and then re-enter the shorts like SRTY.

However we are very early in the process, that can change very quickly though, even today. I would need a lot of strong evidence to trade against probabilities or even take gains in trades that are with probabilities such as SRTY, but counter trend or oversold bounces can be quite lucrative to trade, they tend to be some of the strongest moves because they need to be convincing to change sentiment which is clearly bearish at the moment.

First the averages and then I'll show you some different assets...

 SPY 2 min

QQQ 3 min

IWM 2 min

XLF 2 min

FAS (3x long Financials) 2 min

FAZ (3x short Financials) 2 min

SMH (semis) 5 min

HYG which would be needed for any bounce, 3 min

SRTY (3x short IWM) 3 min

URTY (3x long IWM) 3 min

SPXU (3x short SPY) 2 min

UPRO (3x long SPY) 2 min

IYT (Transports) 3 min

FSLR 1 min

Z 5 min

VXX 3 min

GDX 3 min

NUGT 3 min

AAPL 2 min

This is not a market wide trend, there are still quite a few very ugly charts and a 2 or 3 min divergence isn't going to change my positions, but a quick migration to a 5 min chart, I'd be tempted.