Market Update

As I mentioned earlier, it looked lke the market was going to break the resistance trendline and we'd want to watch that. I'm using the Q's/SPy for time's sake, but the DIA looks the same.

 Here's a 15 min chart, just to see if there was any volume as none was apparent on the actual break and as you can see, volume on the breakout was average, not a great sign, but not a deal breaker.

 The 1 min is a bit negative here, this also is not a deal breaker as we've had a pretty steady move up since 10 a.m., a consolidation, would not be out of the ordinary, but if this goes leading negative and keeps moving lower, then I'll be more concerned with this move's sustainability.

The 5 min chart is in line, this is why I'm not hitting the SELL switch, if there is any breakdown here, I'd be inclined to look at this as another head fake.

 This is the QQQ, everything is just about the same, except...

 The 1 in chart is leading negative. The 5 min chart below is still in line so at this point I'm giving it the benefit of the doubt and expecting a consolidation. If the 5 min charts start to fall out of line with price, then I'm looking at this again, as a head fake.

The DIA looks just bout the same as the SPY.