Quick Update

Since scalping seems to be where everyone is doing well right now, which makes perfect sense given the chop/range of 2015, I thought I'd post this update as a trend is starting to emerge.

Interestingly not only were all the levers deployed this week (TLT, VXX, HYG), but we also had the strongest short squeeze of the Most Shorted Index 3 of 4 days, since 2008, the market was trying hard to get to an area and I'm guessing that was "Green for 2015" and or, right at the top of the 2015 resistance range, a range this clear would make for a decent head fake move/false breakout, although that's not my forecast at the moment based on an objective evidence, it's just a conceptual thought. Whether this week's move to either the top of the 2015 range or green for 2015 has anything to do with options expiration or not I have no idea.

In any case, here's the early trend that's getting started, I'd like to see more or a stronger trend intraday, but it is just getting started , as of the last update we didn't have anything.

 SPY 1 min intraday negative developing

Same with the Q's.

Same with the DIA

The IWM has the best looking intraday chart, but does have a weaker relative divegrence.

Interestingly, you may recall the base of Jan 6th, January 14-16 and the most recent Jan 29th-Feb 2.

The first two bases were sold aggressively and were ended prematurely , they had more gas in the tank than what their moves saw.

SPY daily with the 3 bases mentioned above. It looks and looked at the time that they were sold aggressively and ended prematurely, they do form an almost perfect range, which may be intentional or just coincidence, but we are at the same area as when and where the last 2 significant bounce bases failed... I just thought that was interesting...