You have to be careful not to get too focused on the 5 minute and lose track of the longer term charts. That's usually what happens to me.
I have found that it is best to try to find a longer term support/resistance or pattern on a 4 hour chart and then when price gets closer to one of those trend lines, drop down to the 5 minute chart. Often times I will go off a trend line on either the RSI or the MACD as well.
There is a lot of divergences going on between the NDX/SPX and financials right now. Financials are not looking too good right now unless something changes really soon.
But you really have to trade each chart for what it's showing.
Hard to argue that the NDX is bearish. Short term stretched right now, but still well above the 50 EMA and 200 MA. For the last couple of years, when we see this action it has led to all time new highs for the NDX.
Doesn't make sense, but that's what the chart suggests.
SPX is also at an area of past resistance and is showing a negative divergence on the RSI.
People have been pointing towards May as being the beginning of a slow summer session. As far as the XLF and RUT, we might be seeing that happening?
Russell 2000 is also struggling to get back to the 200 MA and even the 2009 trend line that was broken. This is what happened before, the NDX and SPX were going higher and the RUT and Financials were not buying it.
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