cont'd

Selling pressure on the SPY causing it to hang in consolidation.  TNA not moving as a result.  Have to clear the frightened sellers out of the way.  TNA at 39.50... looks like it wants to really take off if the market lets it.
SPY still struggling to get out of consolidation, now drooping at 10:13am...  TNA stuck and selling down a little.  EMA's of both stocks are still pointed up.

I'd really like to see a higher high in TNA!
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SPY just made a quick dip down to the 17 EMA and popped back up to the 7 EMA while TNA didn't move.  That is a bullish short term signal for TNA: it is showing relative strength to the market at this moment.

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SPY and QQQ just dove down in 10:15 candle, but TNA didn't crash in concert with it.  TNA maintaining its relative strength.  I think because many of the panicked  2:45pm longs from yesterday have cleared in TNA and those in SPY and QQQ have not?  Not sure...
My gut has now entertained the idea that the markets want to drop to pick up the stranded shorts from yesterday's close... that would not be a good development for me.

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For pattern traders, it appears that the markets and TNA are making a reverse head/shoulders pattern.  12:30 to 2:30pm yesterday as the left shoulder, the close pricing is the head, and now the right shoulder is forming through consolidation.

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10:29: Still a lot of selling in SPY, but I like the look of the TNA chart.  It looks right now like it wants to go up from here... still above the 7 EMA but can' break free.

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10:32am:   SPY trying to run up but selling came in at 156.40 and drove it down.  It wants to pop but so many people got caught long before the final dip into yesterday's close.  They're holding the market down with their exits.  TNA holding... not moving more than a few pennies at a time.