Market Update

As 3C suggested, the market backed off the rally that I showed you in the last post and gave up some of those gains. I also mentioned that I feel the overall behavior today has been bullish.

 Here was the last market updates negative divergence and some downside from there.

Over all though the 15 min chart which is far more important then the 1 min chart, has shown continued upside in the leading positive divergence today-thus the overall bullish feel to the market in my opinion.

Here the SPY DID as expected and tagged the lower Bollinger band and has seen a bounce off that band since.

This is the TICK chart depicting the pullback after my previous market update and the trend being briefly broken to the upside as the BB's were hit.

Although we do have some upside % gains on the day, the market is largely range bound and accumulation/distribution often occur in range bound markets. Thus the over all feel I get from the market right now is positive.