SPY 1 min stayed negative even with the rumor ramp, it's leading negative, but again I want to stress that this doesn't look like major distribution, it looks more like a pullback move that we have been seeing signs of since yesterday.
The 2 min chart also negative at today's rumor ramp highs and leading negative at a new low, again, not horrible like we have seen at some other true distribution events.
The 3 min chart is negative after being in confirmation, but it's really not that bad, again, it looks more like the kind of divergence seen at a pullback.
The 5 min has been in line today just as it was yesterday, it is seeing some of the shorter charts' negative divergences bleed through and has a slight leading negative, again, not looking like much more than a pullback move.
The 15 min, for those of you using 3C there are some details there such as the negative divergence at the May 1 top, the positive divergence in to the bear flag/pennant and the positive divergence at the bear trap break below the flag/pennant and currently a leading positive divergence that looks very strong, which fits well with a pullback and additional upside gains on a real and strong short squeeze. This makes me really wonder about the policy statement tomorrow so we will look at GLD next.
The 30 min leading positive.
And the long term top with distribution areas where we were actively shorting and a current leading positive divergence, this is a very strong signal.
I suspect a pullback as I have maintained for the last 2 days, from there it looks like the market has plenty of juice left.
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