Market Update

Remember yesterday I said the market was frustrating? It didn't make  lot of sense, especially when GOOG went very negative at the end of the day, to see accumulation, but whether I understand the reasons or not, the accumulation yesterday has led to higher prices today. Which is frustrating again, I'll show you why.

 DIA 15 min chart and yesterday's rather short burst of accumulation, thus we have higher prices today so logically whether it makes sense or not, Wall Street creates these cycles up and down before thy start based on some knowledge or plan. Like I said yesterday, it's like a chess match, but they're thinking many moves ahead.

 Here's the DIA 1 min, now this will be interesting to see if this falls apart, how the market responds, etc. As of now, the market's 3C profile looks pretty god except right here.

 Yesterday the Q's were the weaker of the averages and I suppose that has a lot to do with components like GOOG and AAPL looking really bad and bad respectively. Still, what's frustrating is a major bellwether like GOOG gets torn apart in the market today, it should have been the fulcrum stock for the entire market and even the Q's of which its a component are in the green today, it doesn't make sense. By the way, there's no apparent accumulation here from yesterday.

 QQQ 1 min negative divergence.

 The SPY 15 min and yesterday's accumulation and a rather strong looking 15 minute chart thus far.

And here's the SPY 1 min which has a negative divergence.

So what becomes of these charts in the 1 min. timeframe will tell us more about what to expect next week. There's plenty of talk and actual downgrades to EPS in earnings season. There's the possibility that the so far, worse then expected earnings may be causing Wall Street to ramp the market a bit to have something to short into. Or there's perhaps something that they feel is more important then bad earnings the will be god for the market. The accumulation is 1 day old so it's hard to say and I don't want to overreact, but in the face of these earnings, the market would usually be falling apart at the seams.

So I'll keep watching for hints of where this is going.