market update

As I mentioned earlier, I'm seeing a lot of bearish wedges forming in important averages and
ETFs. Here's a look at the DJ, S&P and Q's


DIA

 Here's the wedge, which is easiest to see on an hourly chart.

 60 min 3C negative divergence

 30 min 3C negative divergence

 10 min 3C negative divergence

QQQQ

 Hourly wedge (bearish)

 30 min 3C negative divergence

 5 min negative divergence

SPY

 Hourly Wedge with volume and MACD confirmation.

 30 min 3C negative divergence

 15 min negative divergence

5 min negative divergence.

We'll have to see if the Plunge protection team arrives to save the market once again, but under normal circumstances, this is a very bearish set up going forward.