Market Update

Well there it is, the move we've been expecting today with obvious lagging in the IWM for obvious reasons.

The initial move thus far, which may be a bit too early to tell, is mostly in line on a 1 min intraday chart as it should be, but so far we are still seeing distribution signals on 2 min+ charts. As I said, it may be a little too soon for 2 min charts to register, but this is exactly what we were expecting for today and moving forward until the 7-15 min Index Futures fail which they have not yet and of course Leading Indicators, otherwise we are right on track as far as yesterday's forecast for today goes and back on track for the week's forecast.

All of the averages look alike other than the lagging IWM which we know why, so this example of SPY 1 and 2 min charts is representative of all of the averages. Index futures are in line intraday 1 min like the SPY 1 min.

 SPY 1 min intraday. At #1 we saw this morning's early flame-out in IWM downside as volume increased as we were looking for on a bullish hammer 10-min candle, an intraday flame-out or reversal signal, At 2 we have a negative divergence intraday sending the market lower around 1 p.m. and no positive on this move up, just what we already expected, but at #3 and the green arrow, the intraday chart is in line.

As you know the 1 min charts are intraday steering divergences. The stronger 2 min chart thus far is showing distribution in to the move higher which has been the case all week, it was what was forecasted for the week last Thursday and thus is not a surprise.

2 min SPY distribution signal in to price strength intraday.

All of the averages look this way. I suspect the 2 min chart is accurate.

Lets hope we get a bit more strength.