Quick Market Update

After running through a few watch lists, it's obvious that there's still enough structure in place for the head fake bounce (head fake was yesterday under the SPX 200 dma) anticipated from late last week for this week.

Obviously any new information is going to show up on the shortest timeframe charts first and that's where we saw trouble yesterday as they didn't act as they should have, thus the reason we didn't add any long positions for a bounce trade.

While we still have to respect the fact that newest information will show up on the fastest charts first and may still turn this set up around,  for now there's plenty of structure in place as long as the short term charts do what they are suppose to ad out in strong positive divergence.

 These are just a couple of examples, but there were enough that I felt the trend was overwhelming enough to be worth the post. The XIV (inverse of VXX) 10 min 3C chart is still in a leading positive position, it needs the short term intraday charts to go positive as timing markers, but it is still in decent shape here and kind of looks like an inverse H&S with yesterday's lows being the head.

 The 10 min SPY is also still in a leading positive divergence and if you look close...

It also has that same inverse H&S form with a possible right shoulder forming in the area.

Intraday trade is still in line after yesterday's negative divergence in to the close dragging prices lower this morning.

I'm not presenting this as objective evidence for a position/trade yet, I'm just making you aware of a lot of charts looking like this  Just like yesterday, the short intraday charts (1-3 min) still have to go positive before there's any upside probability worth adding to/trading.