The SPY has had a negative (relative) divergence since before the open, thus it's not surprising to see its underperformance vs the other averages, save the Dow.
SPY intraday in line on the gap up/fade down Friday, a very small positive divegrence Friday pre-op-ex pin removal and a leading negative intraday, thus the underperformance is not surprising.
SPY 3 min leading negative at Friday's gap up, which it already was in overnight futures, again not a surprise and a nice fade trade. However yet again leading negative as futures were negative in to the cash open again today in ES/SPX/SPY.
And the 5 min chart.
NQ was in line pre-market (as per A.M. Update), but went negative after the cash open.
As have the Q's intraday 1 min
QQQ 5 min
AAPL has quite a bit of influence, easily the most heavily weighted stock on the NASDAQ 100; that my be about to cause a change in QQQ relative performance if not right out performance as a Friday positive divegrence is migrating through multiple timeframes of distribution today.
AAPL flat range Friday with a positive 1 min divegrence that has gone negative today and is migrating through longer timeframes.
The 2 min chart shows the gap up distribution Friday and the same positive divegrence through the flat range Friday and again negative through today.
Again as we get to longer timeframes the more serious the divergence, but less detail. The leading positive in AAPL's Friday range is not as sharp as this is a longer timeframe, but again migration today on to this longer chart.
And AAPL 5 min distribution in to Friday's gap up, a positive in to the afternoon-that's simply because the stronger timeframe shows the divegrence as being smaller as it is smaller on this stronger timeframe, yet the leading negative is still very impressive.
I believe this is what the QQQ /NQ charts are reflecting today as well as Tech, XLK.
The same distribution on the gap open Friday, positive in to the afternoon and leading negative today-3 min
XLK 5 min same trend as AAPL and QQQ.
If I was looking for the underperformed tomorrow, it would be Tech/NDX.
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