Market Update

This is a look at the very near term and as usual, I don't want to be misleading as charts can sometimes be if they aren't put in to perspective so I'm going to continue to do that just so you are aware of the range of probabilities from intraday to the larger swing trend and ultimately what I believe will be the first really significant primary trend move since the 2009 lows and proceeding trend.

*Some of these shorter term charts obviously are going to look a little different when I capture and post so many charts, but before we get in to intraday specifics, which I'll update on their own so they are more timely, I want to make sure you see the big picture/back drop *

 ES 1 min which shows a 1 min positive and Stochastics with a 100 period setting coming off oversold which I use as a way to confirm the downtrend rather than as a contrarian indication,

SPY 1 min, "A" is yesterday's "Toe-hold". There's another slight positive.

SPY 3 min is less noise a bit more trend and positive in the area.

Now the bigger picture which is right at 5 mins, this is the bounce cycle from July 10th labelled with the 4 stages, they do not refer to 3C, but the price cycle and note the head fake, as usual right before a downside transition.

IWM 1 min

IWM 2 min with a bit better looking VERY short term chart. I need to see 3C pivot to the upside for an intraday bounce and for price to hold up somewhere in this area,

Again the cycle labelled on a 30 min chart leading negative in a big way.

QQQ 1 min with a positive late yesterday and as of the capture in line.

QQQ 2 min also in line.

QQQ 3 min with a slightly more positive take on intraday action

However, the cycle on a 60 min chart is clearly leading negative , I forgot to label the stages, but you should be able to pick them out from the above charts.

VXX is looking a bit more negative near term -1 min'

The same on the 2 min chart.

However, be careful this is the 3 min chart with a nice reversal process in place and leading positive

The 5 min even more so.

So if you do take ay counter trend bounces , just be aware of what is waiting in the wings and not far off.