Tuesday, April 19, 2011

Market Update

 DIA 1 min-There's been an attempt to strengthen this chart since yesterday's weakness

 DIA 5 min Here we have a leading positive divergence

 DIA 10 min This chart is starting to fall behind a bit, but it may still catch up to in line.

 DIA 15 min this chart looks fairly strong, so my opinion as of yesterday with regard to the market's short term direction seems to be playing out as expected, there's still some room to go though to fill the gap.


 QQQ 1 min The Q's look a bit weak today on the 1 min

 QQQ 5 min The 5 min though is trading in line, confirming price action thus far

 QQQ 10 min The 10 is also confirming price action, in line with yesterday's theory.

QQQ 15 min The 15 min does look quite weak here. This will need to be watched.

 IWM 1 min, like the Q's the 1 min is showing some weakness lately in the afternoon trade

 IWM 5 min However the 5 min is still very positive as the IWM looked the strongest yesterday

 IWM 10 min On this chart, at the green arrow, you can see the up cycle that had started until Friday's leak sent it lower.

 IWM 15 min The 15 min chart , like most others looks like it wants to try to fill the gap

 SPY 1 min this is a minor divergence at this point and may just lead to corrective action, possibly lateral, however I'll watch it for signs of further deterioration

 SPY 5 min This chart is in line, suggesting there's more potential for upside and filing the gap

 SPY 10 min The same is true on the 10 min.

SPY 15 min Again, like the IWM, we see the interrupted cycle from Friday's leak, otherwise, this chart is in line.

The bottom line, while there's some mild afternoon weakness on what otherwise is a rather dull day (the days I'm always suspicious of), most other charts seem to indicate that the market will continue to try to fill the gap as was talked about yesterday in the most likely course of the short term market behavior.

No comments: