Transports Even Uglier Than I Thought

Yesterday I posted some charts of Transports (IYT) and I have been hoping that they'd give us one last bounce (we've had 2 previous core short entries) so anyone whoo might be interested in them as a longer term trend short, could get in at a decent price.

We have the charts that support a bounce in transports and that's what I posted last night...

 This is a larger, longer term 10 min positive divergence in Transports to the far right. It looks like a decent size base for a bounce, but that's it- this is no trend reversal or change in character. Transports are in trouble so if we can short them in to higher prices which reduces our risk, I'm al for it and have mentioned numerous times recently that I hope we get the chance.

The chart above and the 3C positive divergence IS that chance. However on the first day that they get some momentum under their wings, this is what happens...

This is a weaker, but more detailed 1 min intraday chart. The point here is that I'm surprised to see this kind of leading negative divergence so early in Transports bounce. Look at that leading negative divergence. Again, it's only on a 1 min chart right now and intraday versus the positive divergence on a larger 10 min chart above, but it looks like the pros are eager to sell in to any price strength they can get.

It's just surprising, this kind of weakness this early in a bounce attempt...