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.

S & P in charge?

At times, TNA is relatively strong or weak compared to how SPY moves.  Right now, TNA seems to be in lockstep with the market.  The SPY will be a clue as to how TNA moves.

SPY moving up and TNA side by side; $39.30

I expect as SPY gets up to 156.70, the wave of traders who got long the market at 2:45 pm yesterday will begin selling, further dampening any move up.  We'll see how TNA responds.  TNA has already risen to that corresponding resistance area at the open and experienced the selling at that level.

April 16 (Loss $184)

S & P Futures spent all night recovering from yesterday's major drop.  Lots of speculation that one or two major financial players got slapped with margin calls and had to liquidate positions in equities and gold to meet the requirement.   Grey swan event?   Further, a number of good earnings releases this morning has boosted the markets.
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TNA is still down from my entry price of $40.05 but at least at the open it appears that price is close to recovery.  Not sure now as TNA is dropping perhaps to fill the gap.  As soon as price opened and climbed to the $39.75 area, all those traders who got long at 2:45 yesterday and during the consolidation area beforehand, are selling as their trades get close to or meet their breakeven.   My play is that once that selling pressure has abated, price will continue to climb.  As price climbs above the $39.75 area, there will be continued selling pressure until the sleepless traders have flattened their positions and can breathe again.  Then price will rise until the next wave of freaked-out traders who didn't stop out come in to sell... and on and on.  This is the market at work.
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At least that's my opinion.  I could very easily be wrong.  Right now price is holding $39.20 and not showing signs of rising.