30 year Yields

In addition to the last post, Quick Update regarding the intraday 3C charts for SPY, QQQ, IWM leading negative at an increased pace, the 1 Leading Indicator that was in line in the Leading Indicators post, 30-year yields (remember yields move opposite the bond), TLT which I said I would be keeping an eye on (20+ year Treasury Bond Fund) is showing a positive intraday divergence that's pretty impressive.

While I'm not seeing anything that would give me the kind of incentive to be long TLT as far as the charts go for a longer term trade, this intraday positive looks like TLT will be seeing near term upside, which sends Yields lower, the one Leading indicator that was in line with the SPX, that might shake things up a bit on the downside for the market.

And still there's the possibility of a 1-day key reversal day, which I didn't think we'd see hold all day from the early morning hints at one, but around this time of day, if things keep deteriorating, I'd say there's a pretty decent chance we do see some bearish 1-day key reversal candles put in.

Again, I feel pretty darn comfortable with my shorts here.