Market Update

Support levels in the averages are being taken out. Earlier I posted a number of negative divergences across several timeframes, now we are seeing the market take out some important intraday support levels.

 DIA 3C negative divergence at today's highs-basically the highs were sold by institutional money.

 DIA support has been taken out around $115.60. Note the sell side volume at the intraday highs today. Also note MACD confirming the move down.

 The QQQQ showing negative divergences at the highs-again, distribution at the highs.

 Note the sell side volume at the negative divergence at yesterday's highs. The Q's have yet to take out the support around $54.65

 The SPY showing a negative divergence again at yesterday's highs. Right now 3C is in a nasty negative leading divergence.

The SPY has taken out today's intraday support as well as Tuesday's close.