Thu 12_13

A good example today of being cautious (or at least patient) in buying divergences.  The SPY 15-min 3/10 macd divergence was present from early in the afternoon, but didn't trigger any "buying" until 30-minutes prior to the close.

To briefly explain the above chart:  The first down arrow (with an "X" above it) on the 5-minute chart to the left was the entry I should have taken (but did not) in anticipation of the higher time frame 4c criteria (bear flag).

Two looks at the higher time frame:
Here the Daily/65-min to show the fresh momentum low on that 65-min time frame

While the Daily/130-m pair looking like a bounce could be in order due to the reverse divergence.  Perhaps a throwback to that channel drawn on the 65m above ($143.50?)

As for the rest;
XLF - strong downside momentum but holding previous lows.  It's not dead yet, need to gauge the impending bounce

DIA - looking like it's just pulling into trend support

IWM - nothing spectacular, just filled a gap (again, reverse divergence)

QQQ- just still within a range.  Double-top is evident so weakness $64.75-$65 is on the radar