John's Intraday Market Analysis

Well I'm back from my 30min nap. I was looking at some more patterns.(Gotta do my homework to make some money
)
The TRIN was moving up the last hour of trading yesterday which was confusing. It did the same thing on wed. But we got the same pattern on the open the next day, a touch to globex highs and then a sharp selloff to the previous days TRIN divergence point, which happens to be around 3:10pm EST.

 

Here's Wed-Thursdays setup.

Note: I normally don't trust the internals the first and last 30min of trading, but this pattern was interesting to make note of.

 

ER2 still bearish untill we break above 738.7.

 

TRIN at LOD, TICK may break lower. Possible 3rd wave down short setup.

 

Here's an update of SOX pattern comparison to last thursday.

Who says the markets are random?

 

ER2 at -23% fib, YM at support, TICKs at Lows,,,Wait for retrace if your thinking short.

 

YM 11755 would be "ledge" for sell stops with targets to 11735.

Volume picking up in SMH. Major market index at bottom of trendline.

 

3rd wave down complete, we got 50min left of trading, watchout for market reversals.

 

Ym hit 11750, bouncing on -23% fib.

SMH still selling off. VIX bullish divergence. Possible long bounce.

 

looking for possible long scalps when SMH finds support.