Well the 1 min charts aren't showing much, but the 5 min charts that worked earlier in showing the fall was going to level off are showing us something.
DIA 5 min showing some good positive divergences and a slight leading positive
The IWM is looking especially good on the 5 min.
As are the Q's.
It's starting to look like this basing activity may be a multi-day event, perhaps we see some upside this afternoon, and some tomorrow as well.
The SPY is finding support at the 50-day moving average, which is simply a trader induced self fulfilling prophecy.
There are some gaps on the upside that could use filling, the gap from Friday (the highest one) would be best left unfilled, creating a bearish breakaway gap or a mini island top.
Remember the first post of the day and what reversals tend to look like, they aren't always, actually they are rarely clean u-turns.
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