The DIA and SPY

I wanted to get that last post out before the close. No doubt the Q's look stronger then the DIA, the SPY looks marginal. I wouldn't bet based on the SPY, but a rising tide lifts all boats. Here's the DIA and SPY 5 min charts which look pretty good for a bounce barring any unforeseen overwhelming events.

 DIA 5 min positive divergence in leading formation. It doesn't have the test of support the Q's had, but otherwise it looks pretty good for a bounce.

Like I said, the SPY has a small divergence, but I wouldn't make any moves based on this alone, it's simply not strong enough. Which means you might look into financials and start putting together some ideas for short trades, I will be as the S&P has the heaviest weighting in financials and I suppose that's what is dragging it behind. XLF was down more today then the S&P.