Tuesday, December 7, 2010

Early Update

This is early for an update with timeframes this long, but they have moved so I'm including them.

 SPY 1 showing a short term bounce probability, but overall the gap showed a negative divergence  right at the open

 The 5 min has showed no improvement

 The 10 min is looking worse, it even showed distribution into the gap up today.

 The 30 min doesn't look as if it has reacted to this morning, but still remains negative as the momentum from the bounce faded the last few days into a negative close yesterday.

 Same situation with the 60 min.

 Look at the red volume this morning compared to the open of previous days.

While it's not unusual for gaps to be filled, the volume is pretty heavy on the gap retracement so far.

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