Intraday Insights

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Perhaps you don’t know this, but Silver, Gold, and Diamond members get access to intraday charts in SlopeCharts that go back much, much farther in time than anywhere else (by intraday I mean that instead of one bar equally one day, you can get down to as fine as one bar equaling a single minute of time). I decided to play around with a few of these and share some thoughts.

First I compared the QQQ (in black, below) to the SPY (in blue). No big surprise here – – they tend to move in lockstep, and the QQQ has been outperforming the SPY, as is typical during a strong bull market.

It’s a little more interesting when you compare the SPY to the IWM, however. As you can see, the small caps have been getting progressively weaker, and the gap is turning into a chasm.

The big question mark looms in 48 hours – that is, the Fed: will they or won’t they? The TLT looks vulnerable to a downturn, which suggests that any rate cut is going to be disappointing. On an intraday basis, the TLT certainly looks more bearishly-poised than the equity ETFs.