Intraday Update

The intraday updates are so important today being quad witching and being we had that and still have that clear Russell 2000/IWM set-up from yesterday which looks to be a perfect timing trigger to transition to a move down from the bounce we first forecast last Tuesday the 10th as warning signals were showing up in price action and shortly after in all of our indicators.

TICK has started to come unhinged which is always a useful early warning.

 The NYSE TICK Index has had a pretty stable channel since yesterday afternoon, it's on the verge of falling out of that channel on the bottom end right now.

I posted the earlier, Intraday Market Update as a reference point for subsequent posts through the day so we know where we've been and where we are moving relative to the baseline post linked above.


 The SPY's lack of confirmation intraday has now turned to a leading negative signal, things aren't improving on an intraday underlying basis.

The DIA also looks worse as it has turned to a leading divergence.

And the Q's never confirmed or even made an effort to.

The IWM that I showed earlier with an intraday small positive divegrence at a flat range this morning has failed to confirm since.

And the Index futures did a good job overnight of confirming market action, they are now falling apart.

 ES 1` min confirming at the green arrow, going negative at the red arrow.

The same is true for NASDAQ futures /  NQ

And as you see, TF/Russell 2000 futures.

This isn't the "Screaming", chart popping divegrence I'm looking for yet from yesterday's IWM set-up, although we are in the right place and moving in the right direction. As usual, it's a process, not an event, however as we approach the 2 p.m. hour, I expect to see a lot more volatility at least between 3C and price if not price outright, I'm hoping that's where we find a timing entry for remaining positions.