So far we are pretty darn flat as soon as we crossed above the descending triangle's range (above) which was expected yesterday a a head fake move.
Intraday there's the same deterioration suggesting higher prices are being sold, but it's not so much the intraday 1 min charts that are of immediate interest, but the longer 5 min charts as the 5 min timeframe is the first or shortest timeframe I consider to show us institutional activity on an intraday basis, thus the charts that all confirm are interesting , if not expected.
As for the Index Futures, NQ (NASDAQ 100 futures) look the worst intraday, note the negative 1 min divegrence in them as compared to Es (SPX futures) below...
ES 1 min in line...
As for the charts, we saw this earlier...
Intraday (1 min) chart deterioration in the SPY, this is right along the lines of expectations of highesr prices seeing distribution, but it's not this chart that I find most interesting, it's the 5 min charts...
These never went positive and in fact in to today's higher prices on the descending triangle (head fake) breakout, look at the deterioration on the 5 min chart which is a stronger, much stronger timeframe/signal.
QQQ 1 min along the lines of the NQ NASDAQ 100 futures above, but again...
It's the 5 min chart that grabs my attention.
IWM intraday deterioration, not enough to call this a reversal, but deterioration nonetheless, but again...
It's the sharper, more important deterioration of the 5 min charts that is grabbing my attention.
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