Quick Market Update

Quite honestly, I don't really care all that much if the market bounces today or not, my personal account is up +1.84% as of right now on this morning's action so it's more of a management issue which really isn't an issue at all, just be patient and keep your eye on things, however from Friday, it looks like a bounce on a 1-day oversold condition is the highest probability near term. I want to just reiterate that this is something I would view as an opportunity to enter positions or exit longs that you may want to be rid of. In either case, it's pretty much a win/win scenario.

The signals for a bounce are not strong and the signals for a strong bounce are not there.

As for the macro-Daily charts, there are some nearby support areas , I have just labelled some moving averages (22, 50, 100, 200) within each average's corresponding top formation.

 SPY which has broken below the light blue 22-day and the yellow 50-day, the 50-day is where it can create a bounce catalyst by regaining it and the gap up to the 22-day should be an easy bounce.

This is still within a large Broadening Top that technically looks near perfect when adding the head fake concepts.

The Q's have broken below their 50-day m.a. in yellow, again recapturing the 50-day would inspire some confidence in bulls.

The IWM and its 6 week range is sitting right on top of the 22-day in light blue as support, we still haven't seen a break hitting the stops in IWM yet which would start to alter the supply / demand ratio and move prices lower more quickly as stops are taken out and supply increases, this has been the end game of the entire 12/12 forecast.

 TICK this morning opened badly at -1300, but has been mildly trending higher since.

 As far as positive divergences for a bounce, I'm not going to try to make them out to be more than they are, the Index futures are nearly all in line so not too much going on there. As for the 1 min SPY, this is about it.

 The 5 min SPY however has a bit more of a bounce-worthy chart, not very impressive, but I was never looking for impressive with any near term bounce.

The QQQ 1 min

And  QQQ 5 min are not far from last week's late week small base area.

And IWM 1 min is right in the small base area

This is the 5 min IWM

HYG 1 min is seeing some motion with a positive divergence this morning.

Again, I don't expect anything very impressive, but any price strength can be used to your advantage as different assets are in different stages of being good looking shorts.

I personally would not attempt a fade trade of this morning's move down like the fade trade from Friday of the gap up, I think you would be trading against probabilities whereas Friday it was with them.

I'll be looking for any opportunities in to any price strength, but I did want to show you that there's not much there, therefore I wouldn't have any reservations about using any price strength to enter or add to short positions I'm interested in which I'll continue to update as more move toward great looking entries.