Last night I posted that it looked like we may get a 1-day oversold condition, this happens when the market goes to absolute extremes, such as the Dow with ZERO gainers. Also remember yesterday how the Cats and Dogs of the market were performing good on a relative basis considering their volatility and BETA.
DIA 1 min 3C- The DIA looked the best yesterday, today we see at least two positive divergences in early trade
DIA 5 min also is looking good, if we average the accumulated position, we can get a rough target of a break even point, I'd guess it would be around $123, but distribution always takes place into demand and usually above the average accumulated position. This 5 min chart is looking pretty good for the DIA.
IWM 1 min 3C is probably the slowest to get in line this morning with only 1 positive divergence and note how it occurred on a new low-typical.
IWM 5 min looks a little better believe it or not.
The QQQ was the second best looking chart yesterday and this morning's positive divergence has sent it higher, so far the move up is confirmed at the green arrow.
QQQ 5 min is actually in a leading positive divergence, the strongest kind (in the white box)
SPY 1 min is looking pretty good thus far, two relative divergences and 1 leading positive divergence, it's just sitting at a resistance zone right now, I imagine it will break through shortly.
USO showed a late day positive 1 min divergence yesterday, we saw a gap up this morning off that, plus the dollar weakness, there's another positive divergence and the entire divergence is in a leading positive position.
USO 5 min looks pretty god, the leading divergence from the 1 min chart should spill over into the 5 min chart within the next hour or so. Unfortunately there's no leveraged long I know of that has any kind of volume, OLO is leveraged, but the volume is pretty thin.
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