A.M. Market Update

Good morning, hope everyone had a nice weekend.

You've probably heard rumors of the Plunge Protection Team in action overnight with the Chicago F_E_D's trading desk being the supposed lever puller... maybe, maybe not...

We were headed this way toward a sustainable base last week, in fact I closed my leveraged 3x trading shorts, SRTY/SQQQ Thursday because I no longer felt the risk of holding them was worth the few extra percent I'd make so PPT or not, I don't think any of us are surprised with where the market is this morning, we've been watching this come to a head for most of the latter part of last week.

The 5 min Index futures' charts look great, we were waiting on the  min charts to jump in line before considering any long side action for a TRADE. Here's what the 7 min charts look like now....

 ES 7 min positive

TF 7 min positive

And NQ has a slightly larger 7 min positive, I'd like to see ES and NQ look like this.

 15 min charts like ES above are already there.

As are 15+ min averages, SPY...

The trendline/head fake moves we expected represent the lows of last week we expected to e hit and just below are the August lows from the August basing cycle so we're in a good place now and I'd think I'll be entering some bounce trades as soon as today, but while the 15 min + charts look good, the 1-5 min need to catch up from last week's damage and some leading indicators going positive wouldn't hurt either.

The candidates are the same usual suspects, UPRO, TQQQ, URTY, FAS, UDOW...

I'll keep you updated on the chart movements, they can move fast.