Market Update

The theme of the day today has been building a base that can hold a bounce and that the market needs to come down to allow the charts to strengthen (accumulate on the cheap as is smart money's way). There are quite a few different trade ideas we can go with, but the market needs to come down first.

In to the close, we have pretty decent signals that this is what will happen, whether in the overnight session or tomorrow or a bit of both...

 QQQ 5 min intraday negative near term

IWM 5 min intraday negative near term

ES/SPX futures 3 min intraday after accumulation at lows this morning.

NQ/NASDAQ 100 futures near term negative after accumulating lows this morning.

TF/Russell 2000 futures negative , again after accumulating the lows this morning.

It is this same accumulation of lows which would improve the charts,  but as I have been saying all day, "Price must come down".

I have a trade set-up coming out next in Gold/GLD and then I'll tie all of this together in the Daily Wrap, you'll be surprised as it is one of those beautiful market moments like a ballet when everything just slips in to place.