That negative divergence is still there, I would not like to see the SPY cross below $106.25.
This is still early trade and I shouldn't be hitting alarm bells or anything, but this could be in relation to the low TRIN results from Friday. The Tick index started looking more positive around the 10:30 lows, there were also a few positive looking 1 min divergences, but nothing that has turned the 5 min chart yet.
5 years ago
2 comments:
Hi Brandt,
So, to be clear, the 5 minute 3C chart is still showing accumulation and therefore a decent bounce from these levels?
No, the 5 min chart has a negative divergence at the resistance level, other then that, it has moved down with price (confirmation). The hourly chart is still very positive, this is maybe the pullback I thought may happen because of the low TRIN reading Friday. I don't see a bottom in this pullback yet.
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