Market Update

Well it's a bounce and the percentage gain is decent, but behind the scenes, there's not a lot of commitment here.

 DIA, 1 min not confirming

 5 min showing distribution

 IWM is close to confirmation, the IWM and Q's were strongest yesterday

 Again, the 5 min IWM is "close" to confirmation.

 QQQQ 1 min in a negative divergence

 The 5 min is also in a negative divergence

 Here the SPY 1 min hasn't confirmed and is in a leading negative divergence

The 5 min is close to confirmation.

I haven't quite seen 3C readings like this on a bounce, they are extremely weak, which implies to me that the locals have taken minimal positions, small enough to get off the boat at a moment's notice. That doesn't mean they will or that we won't move higher, they just don't seem to have committed to this particular cycle.