Market/futures Update

Although we are seeing some early intraday pulling back among the averages, I thought it might be good to give some perspective, to save time I'll focus on the QQQ and NASDAQ 100 futures.

 The QQQ 1 min intraday is a bit weak here, but this is the least influential chart and pretty much just for intraday moves as we are seeing now.

 The 5 min QQQ is where we start seeing institutional activity, there was enough of a pullback off the negative divergence to the left that the QQQ saw broad accumulation for the volatility shakeout bounce that is best viewed in AAPL, look at that 5 min leading positive divergence, this suggests we have quite a bit more upside before this leg is over.

 As for the NASDAQ futures (mini) / NQ, intraday 1 min they are pretty much in line, ES futures look similar.

 The 5 min chart shows the strong leading positive divergence in the NQ futures

 More impressive is the 15 min chart in a leading positive divergence

Yet more impressive, the 30 min leading positive which is above the are of distribution that sent the market lower. We'll look for distribution in to higher prices as we go, but for now, this looks like we have a solid leg up that should have no trouble shaking out the AAPL H&S breakdown shorts.