Market Update

Honestly this morning's open looks a lot more like the anticipated bounce through the SPX 100-day moving average expected, well it is...

SPX daily chart and either way, the move above/bounce the 100-day ma on a head fake... Rather than the expected "W" base proposed yesterday here,Market Update and Possible Trade set-up which would look more like this...

However as posted yesterday, I'd rather miss the smaller trade than the larger one, however I'm not so sure I'd be too quick to judge as the proposed possibility of a "W" base envisioned a gap up as posted in this morning's A.M. Update

Furthermore,

 TICK is breaking its uptrend channel...

The SPY intraday is going negative here.

As is the QQQ

And the IWM.

This was part of a proposed gap up and return to fill out the "W" base.

However either way, we don't want to take our eye off the prize which is using price strength to short in to underlying weakness, whether we get the "W" base on a pullback in the averages this morning or afternoon or whether this sharp "V" base is all we get which might be even better for the bigger picture.

The point being simply, I wouldn't assume too much short term/intraday and I wouldn't take your eye off the prize which is not a short term intraday trade, that's a bonus.