Intraday Update:Charts Are Improving

The opening bit of decline and intraday breadth falling off has seemed to halt and charts are improving.

 The NYSE TICK has halted its decline and is starting to fall in to yesterday's late afternoon trend which looks a lot better.

 SPY 1 min has also halted , along with price, the in line decline and is starting to lead positive. This chart is within the context of yesterday so you can see there has been some significant improvement since late yesterday afternoon.

The same goes for the IWM 1 min which is leading positive

As is the 2 min chart, beyond that there's not much and I'm not sure there will be, we may have to simply watch intraday chart trends for a warning of a price pivot back to the downside, but before then I believe we have some time.

QQQ 1 min

And QQQ 2 min like IWM.

The VXX is leading negative intraday and the trend since late yesterday afternoon which is good for the UVXY short position.

Speaking of which, it's 2 min chart's trend is also negative and not far off from a new leading low.

I would have preferred to see more of a pullback this morning, but we have to go with what the market gives us. I'm going to run through the watch lists and see if there's anything worth looking at, until then I don't see any reason at present to change the UVXY short and the call positions for a short term bounce.