Market Update

I mentioned in the last post the market was doing what I hoped it would do which was from a previous post dealing with the USD/JPY and how it might support the market in a lateral trend as things were starting to get ugly in a parabolic kind of way.

 The USD/JPY since about 11 am moving laterally after bouncing off a.m. lows, this seems to have given us a measure of support which is what I was hoping for, more specifically a more lateral trend in the market averages.

Here the IWM 1 min is moving laterally at the exact same area as USD/JPY above so it seems to be acting as support as anticipated. This allows divergences to develop further as this is still price strength that can still be sold in to which is better than the alternative at the time of the comment in which everything looked like it was about to come down intraday as fast as it went up.

 there's some migration already in the IWM this morning from the  min chart above this one to the 2 min chart starting to lead negative.

However these can move all around all day, the charts I'm most interested in at this moment and what I was talking about in the NFLX idea post are these intermediate charts.

IWM 10 min. These are the charts I really want to see some movement in before taking on positions like a full size NFLX put or adding additional ideas.

 The Q's are also seeing intraday deterioration.

 And that 5 min chart from yesterday is still very ugly, the next step should be to migrate over to the QQQ 10 min which is where my interest is.

 We may have the start of what I'm looking for on the QQQ 10 min chart. I don't expect too much to happen before 2 p.m. with the typical options expiration max. pain pin, but this is where I'm most focussed very near term for the next move.

 As for a head fake , this is the SPY 5 min chart, I suppose you could call this an Igloo/chimney, but not the most impressive of head fakes, even the last bounce which was a bit bigger had a more defined head fake area which was the last day before it started it's stage 4 decline.

The SPY 10 min chart looks more interesting as the divergence here is in the right spot and has more movement. By the "right spot", I mean the area in which there's a transition from what would be a stage 2 mark-up to a more lateral stage 3 top area.

That's where we're at for the moment which probably gives me some time to get in to some more watch list assets.