QQQ Update

So far the NASDAQ 100 and the Russell 2k are in the green so far on the day.

 Daily chart of the Q's -volume appears to be rising today.

 The 1 min QQQ 3C chart showing some backing off , but nothing too horrible.


 Here's yesterday's positive divergence and in the red box, a further positive divergence on the open, so it seems that old day trader trick on the NYSE still works. This 5 min chart looks pretty solid, but it is a 5 min chart, not an hourly. Yesterday my thoughts were the market would be up today going into a bad NFP number on Friday.

The QQQ exhibits what looks like a small inverse head and shoulders bottom, volume was good until the breakout point, so for now, I'm assuming it will drop a bit, get itself together and make another run at a breakout with expanding volume. 

 The IWM (Russell 2k) daily chart, so far a pretty impressive move and volume again appears to be up.

Here's the 5 min 3C on the IWM, it shows yesterday's positive divergence and again a positive divergence on the opening gap lower "Fade the gap" The white box is an approximation of the positive divergence zone and the yellow line is an approximation of the average position cost.

I can only speculate at this point, certainly sentiment has been sour on the day, but the daily candle is pretty impressive considering the preceding trend and the fact we saw some accumulation yesterday. 

So the NASDAQ and IWM are green, the SPY/DIA aren't down very aggressively. As I mentioned in an email to a member, the market's action tomorrow will be important. If we get what will probably be a bad NFP report, does the market move to discount the news or as we see today, take it largely in stride and whistle past the graveyard? Considering where futures where this morning, this is so far a market that has taken a horrible report in stride. However, as I pointed out yesterday, today would be the perfect day to lift the market if indeed we see an aggressive sell off on a bad NFP number.