Quick Market Update

I have a broad market update coming out soon, I'm still finishing it up, but from the extra time needed since the last 2 hours of yesterday for signals to form and mature, the averages are confirming the findings of the Index futures which is namely, the market expended the last of the gas in the tank since the bounce probability we identified last Tuesday March 10th when we closed time sensitive puts, Closing Down the AAPL and QQQ Puts for now

The initial strength seen in the IWM was forecasted to rotate to SPY/QQQ early in the week this week which happened as the bounce was also forecast to run through or up to the F_O_M_C update with SPY targets of  $210-$211 and QQQ target of $108, all of which have been hit right at the exact time forecasted (time forecast was last Wednesday, March 11th).

As you know, as of yesterday morning and the early updates, there was still enough gas in the tank from 3C accumulation from the previous week and some this week. As you'll see in the broad update, it looks fairly certain as we suspected in last night's futures update that this was no longer the case and I'll be showing you the averages now that they've had enough time to react to yesterday's F_E_D knee jerk reaction, which was also forecast as we always do with about 90% probability, but also that the initial knee jerk reaction is almost always the wrong reaction and completely retraced.

That's what we seem to be in the middle of now with an Options Expiration Friday tomorrow, I suspect we are lingering in the area based on a max pain op--ex pin for tomorrow, thus we seem to have some time.

Intraday there are some slight positive divergences building in the 1min area, not much beyond and it's obvious in volume as well that we are likely to see some intraday volatility pick up (choppiness).

Remember, these are only short term intraday charts, they may lead to some additional trade opportunities as I'm hoping.

 The intraday 1 min SPY volume was one of the earlier hints, very short term intraday selling capitulation.

 The intraday NYSE TICK Index was also in a downtrend channel and broke above it, early changes in character are early warning.

While the larger 1 min QQQ divegrence is negative at the knee jerk highs, the latest divegrence although only a 1 min chart and much smaller is positive in line with everything above.

Also the Yields (whether 5, 10 or 30) are acting more supportive, even though their larger picture is very negative for the market, intraday they are supportive- 10 year yields intraday in red vs the SPY.

And a close look, remember yields act like a magnet pulling equity prices towards them, but also remember how big the leading negative divegrence in yields is vs the SPX since they reverted back to the mean after the March 6th jobs report sent yields higher, supporting the base from last week.

The broad market update will be out soon.

We may be pinned in this area until 2 pm tomorrow as the op-ex max pain pin is removed.