Market Update

Here are the charts from the last intraday post, but I think in them, you'll see why I'm not too terribly excited about entering short term positions at the moment.

IWM

 This morning's 1 min small, positive divergence at the capitulation lows, again 45 minutes before any Greek news hit the wires. To the right, the leading negative divergence is obvious.

This has sense migration or strengthening to the 2 min IWM chart

And the 5 min chart as well.

QQQ

1 min intraday negative to the far right as just posted...

as well as on the 2 min chart.

These are not huge divergence in and of themselves, more or less intraday movement.

However...

This QQQ 5 min is clear reason as to why I'd be very careful about going long anything without the proper chart support, if anything it looks quite negative.

SPY

1 min intraday with a small positive at the lows and a leading negative hitting new lows right now.

The 3 min chart is in line.

There's a very small 5 min SPY positive, but with the other timeframes so mixed and the other averages, I would never consider this high probability.

As for the intraday internals, the NYSE TICK shows the market breaking down since this morning's intraday lows...

You can see the channel (up) off the intraday lows has been broken on the downside.

Furthermore...

Our custom TICK indicator shows the intraday flameout around 10:45 at the yellow arrow, about an hour before the Greek news. However since, the intraday internals have deteriorated at the white arrow as well.

Again, I think you can see why I am patient here in not chasing any trades as there's little to no objective evidence to support a short term position, although the evidence supporting the longer term trend trades is there, we just need the timing charts to fill in which I suspect happens before Friday's IMF payment is due. This is based on charts.