Above, the Qs 5 minute bars with the NYAD chart below it.
I've highlighted the usual VXN crosses and added signal arrows to indicate trade signals. Contrary to the frustration I expressed over Monday's pivot action, the Qs regained their reputation for mounting reversals at or close to the pivots and performed much as expected yesterday (in that regard).
The Qs showed strength relative to the SPY, DIA and IWM for most of day and into the close. The XLFs (not shown) were the big disappointment in terms of a 6.5% loss and 320M volume.
Typically, these "corrections" tend to carry three days, which would take us to Friday, an unlikely day for a rally based on the day of the week studies profiled here previously.
Nevertheless, I'm just playing it one day at a time, having faded the close for the past several days and covering 30 minutes after the subsequent open.
I did not follow that pattern on Tuesday's close, although with INTC down .75 after hours, I wish I had.
HEY!, it's a learning process.
Finally, for anyone in the Phoenix area, here's a rare opportunity to peek under the sheets and spend a free evening with one of the principles in Bright Trading (plus a free dinner).
Not to be missed if you're even remotely considering trading as a career.