Update

Well that H&S top got blown, but this is still interesting...

The SPY 1 minute 3C  -from the first negative divergence reported this a.m., it has made no progress at all (3C) showing no institutional buying at all.  It's not even trading in line with price, so this is a bigger negative divergence-meaning there's apparently more selling going on into higher prices. This is why I said last night, I can see no reason why institutions and market makers would object to higher prices, but they needed inventory-at least institutions did, the MMs can go naked short. We saw that inventory build in the small positive divergence late yesterday.

To confirm what I'm seeing, I looked at the 5 min 3C, it confirms it alright. Perhaps they intend on running this higher right into 2 p.m.-that would be assuming the Beige book is not taken well. I don't think that's an unreasonable assumption, but who knows the depth of depravity.