A.M. Market Update

I don't usually update the market in the morning as it's just a lot of trade taking advantage of retail orders overnight and doesn't usually have a lot to do with the day's real underlying action, but some of you are in short term positions, so here it is.

 You may remember there was a positive divergence yesterday in the early afternoon that sent the market up intraday, this morning the gap up was not confirmed as you can see and thus far there isn't any short term positive divergences here suggesting a bounce, although support should be found at yesterday's close which could create a morning bounce.

 The same is true of the QQQ, except there's a slight hint of a positive divergence forming now.


And the SPY looks the same overall, with no indication as of yet for a bounce, other then support at yesterday's close. This is why I don't give to much credibility to a.m. trade, they are mostly running down limit orders non-proffessional traders set before they head off to work as you can see by the demand of retail traders creating the gap and the subsequent fall from the gap, possibly hitting those same trader's stops.