Opening Indications

So far the open has been a pullback of the overnight sensationalism and we saw that in the A.M. Update with negative intraday divergences in the NASDAQ and S&P futures.

 NYSE TICK opens at +1500 and heads almost directly down to -1000.

The SPY intraday positive divergence from yesterday afternoon with 3C charts picking up where they left off with a gap up, and mostly an in line move lower.

The same with the IWM, note the inline signal today specifically, not leading lower.

And the QQQ also showing the same.

My initial take on this was yesterday in the late afternoon we saw some accumulation, as I mentioned we didn't get the normal signals I'd like to see and that was a matter of lack of time, but if we had, I'd fill out the partial positions in IWM and SPY calls.

My initial take until we get more data is this is the same concept for Pros, the gap up didn't afford them the time to fill out positions they were opening late in the afternoon and they are bringing prices down to finish that process.

That's my interpretation of the open thus far until we get some different signals that would suggest otherwise so for the moment I'll continue to hold the short term bounce positions, UVXY short and 2 partial positions in IWM and SPY calls as well as leaving the primary trend core shorts in place.

I may take action to fill out those partial positions on a further price decline, but with the same standard as yesterday at the close, the 3C signals MUST improve and usually that will happen in to a CONSTRUCTIVE pullback which this appears to be because of the in line status of price this morning.