Market Update

I'm still here, still keeping my eye on the market.

This was the intraday flameout I mentioned to look for earlier...

 QQQ 30 min with a bullish hammer on higher volume.

I don't usually subscribe to "V" reversals, but in this case, I think that may be all we get which would be fitting for a reversal of a head fake move on the April Triangle breakout.

Note the improvement in the NYSE TICK Index today.

IWM 3 min positive

IWM 5 min positive, but that's about as far as we go. The fact that this is such a narrow "V" reversal makes the divergences less important as there's less base to sup[port a move. I'd almost think of this as something like a blow-off move, at least in internals , underlying strength, etc. Please don't confuse this with a forecast of a blow-off top beyond what is already in place, I'm just saying the internal and underlying strength associated with the "V" reversal is similar to the underlying strength in such a move-weak.

IWM 15 min trend is the clear , high probability outcome as the entire April move has seen distribution in to it. We have seen even more intense divergences this week so far (and since Friday in QQQ).

QQQ 2 min intraday looks impressive...

 QQQ 5 min is showing the clear weakness since the head fake move in the Q's.

QQQ 30 min

SPY 1 min positive for a bounce as expected...

3 min SPY positive.

SPY goes out to 5 mins, but again, without anything beyond a "V" base, I just don't see this offering much support on the upside for very long.

more to come...