A just plain dismal day, with the NYAD giving absolutely no sign of imminent relief in the selling.
Although the daily charts of the Qs and IWM look strikingly similar. I did notice one odd situation in relation to the weekly pivots.
(For those who haven't noticed, I've added the weekly pivots for the Qs and IWM in a panel on the right side of the blog and will update on a weekly basis for the foreseeable future.)
The Qs closed today at 43.67. . . a few pennies below S3.
IWM closed at 71.82. . . about 25% above the S1/PP pivot interval.
Despite the swoon today, for the week IWM is showing considerable relative strength.
That strength was demonstrated in the last hour of the day with IWM upslope for all but the last 5 minutes, while the Qs flashed a hairy top for the first 3 5 minute bars of the last hour and then turned downslope for the last 35 minutes into the close.
Long IWM, short the Qs is the current trend.
Let's see if that holds tomorrow, or if we get a reversal and a return to parity on the pivots.
I'm currently long the Qs (options) at the close in anticipation of at least a modest relief rally.