Market Update

We really want to be on top of the market as it is at a possible turning point, we haven't seen action like this in months thus it is out of character and anytime that happens, you pay attention as it is often a shift in sentiment and sentiment is what moves markets, not ISM. These are 1 and 5 min3C updates for the DIA, IWM, QQQQ and SPY

 DIA 1 min

 DIA 5 min

 IWM 1 min

 confirmation on the IWM 5 min

 QQQQ 1 min nasty leading negative divergence-the semis may be a good group to look at.

 QQQQ 5 min-the accumulation seems like a day or two more of bounce is possible, but black swans change all of that as smart money is now in the difficult position of NOT having inside information on the middle east conflict.

 SPY 1 min-leading negative divergence

 SPY 5 min-relative negative divergence

Here's the SPY in a linear regression channel, you see this is unusual behavior. Often , actually almost always after a trading channel busts or breaks down, there's an attempt to test the trouble zone/resistance, that may be what is happening now. A failure could send the market hurdling down, but for now, this looks about right and none too positive for the market.