The weekly reverse divergences are playing out (some in a bigger way than others). This is exactly why they call it a 'Slingshot' setup.
SPY- potential reverse (sell) divergence with a higher momentum high and lower price highs, but nothing actionable until the hourly sets up a sell signal.
QQQ- came within 3-cents of it's previous all-time highs and took 4-days to erase a 10-day correction.
IWM - one to watch as it's been lagging in performance, it's the only one that hasn't taken out it's previous swing high
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.