Closing Market Update

The 1, 2 and 3 min IWM charts all look like it will see near term upside, but those intraday positives stop at the 5 min chart.

The QQQ has also seen intraday positives in what most would call a bear flag intraday, it's just a consolidation though. In this case the positive stops at 3 mins, as mentioned earlier, the IWM looked the best early today.

The SPY intraday charts are the opposite, they are largely bearish and only have a broad positive around the 5 min chart. Most of the intraday charts shorter than 5 min actually look bearish.

The TICK has been fairly even today for the most part.

HYG has had the shape and look of a positive divegrence since Monday, the positives are there to add more upside, but the hints of distribution in to the move on the upside that has started, are already there, I don't think this will be supportive for long.

I'd expect some more upside, but overall it looks like a lot of distribution in to any price gains.