This is the technical pattern (intraday) I just got through posting and why (TLT/VXX/HYG), note the SPY has recently had some of the best short term underlying charts "RELATIVE" to the other averages, just like the week the IWM has the best relative charts and outperformed the other averages whether they gained on the day or lost on the day.
Just as the intraday charts posted in the last Update were showing an inverse H&S intraday and a nice positive divegrence - also intraday ( 1 min) like this SPY above, something started to change. Whether this makes a 3rd day or not, which would not be helpful to VXX/TLT's cause of accumulating a stronger base , some fast moving charts started to show the start of more "strange events" like Thursday/Friday.
At first I suspected that this candle (at the white arrow) would turn in to a bullish hammer intraday on higher volume and stem the downside, but it didn't, next stop is the intraday lows as support.
I suspect this will hold together unless the signals below keep going in the direction they are going.
Here's the 1 min QQQ and roughly the same intraday inverse H&S price pattern, but note the negative divergence just as it tried to breakout. This wasn't such an interesting event, it could have been the other averages weren't ready as they get more boom for the buck when they move together, but...
This QQQ 2 min chart started looking an awful lot like last week's strange signals, not as deep or nasty, but I have wonder if that's simply because they are just getting started, I'll repost the most recent chart (the above chart) at the bottom of this update.
The red vertical line if Friday's cash close, so you see the intraday technical price pattern (Inverse H&S) being formed, then this deeper leading 3 min negative just like last week at least early on.
Then the intraday 1 min IWM started in as well
To put it in context since last week, this is what it looked like just prior to me starting this post.
This is the QQQ's (as it is the worst) very latest ...
This is a little worse than the first capture above,
if price breaks the intraday lows, then we may have a different short term outlook on our hands.
If these get worse, like last week's I'll post them, but this is not what I was expecting to see as an intraday inverse H&S was complete and ready to go.
No comments:
Post a Comment