Market Update

The first chart is what yesterday's 1 min chart looked like near the close, I didn't have time to post them, but did mention them.

The second chart for each average is the 5 min chart which has been pretty consistent and pretty telling. So far what I've seen in the market yesterday looked like light commitment buying, at first I though even retail.  I watched the market during every sentence from Bernanke, you saw my posts on different industries such as housing as he talked about them in real time, but at the point it became fairly clear that QE3 wasn't in the cards, the market seemed to really gain momentum which would defy normal explanation. Perhaps the 5 min charts offer an alternative explanation of what was happening behind the scenes.

 As of yesterday's close, the DIA had the sharpest 1 min drop, a leading negative divergence.

 As of today, the 5 min 3C chart, I think it needs no explanation.

 The Q's 1 min chart

 QQQ 5 min chart

 SPY 1 min chart yesterday also saw a leading negative divergence at the end of day

And the SPY 5 min chart needs no explanation.