As the Noon Hour approached, a rare appearance of complimentary triangle reversal signals formed in the ES and NQ contracts. A fail trigger gave a second opportunity for trade entry, and the sell-off was on its way. The short was good for 4 pts in the ES, 8 in the NQ. To their credit, two good traders from the #emini chat channel caught this high with timely shorts using their oscillator divergence methods. But neither one stayed the course for more than a scalp's worth of profit.
But there are even bigger fish to fry from today's action than today's intraday trades. On the 60-min charts, a Two Frame Divergence appeared between the mini-Dow and the SMH. Although several of these have not yet produced a final high for this rally, this one is adding to the weight that the time is drawing near for a reversal of trend in the daily time frame.
(click image to enlarge)