Market Update

If you caught last night's market wrap then you probably understand the thinking as far as today's action. I've compiled a bunch of charts and in the interest of expediency, they may not be in the order I'd prefer.

 This is the most important DIA chart of now, being it's positive on a 30 min timeframe, all of the shorter divergences that are seen more or less, if they are strong enough, filter in to the longer timeframes, 30 min is significant.

 The IWM this morning on the dip explained last night.

 Again the 30 min chart is the most significant, you can see where it turned the market down on the last (negative) divergence.

 QQQ is also positive on the 30 min, these charts were not this strong a few days ago.

 This s the NASDAQ 100 Advance/Decline ratio.

 SPY on a long term (55 period) TSV positive into this morning's break of the March low.

 Here's the March low, a signifiant level and one that probably drew in a lot of interest on the short side, this plays in to my thoughts from last night

 SPY 5 min remained positive this a.m.

 A break above the March lows will be signifiant, although I would expect some volatility in the region, it also may not be a bad place to enter long positions on a risk:reward basis, being you have several stop options close by. The red line os the widest of those stop options.

 The sectors are starting to fall inline, Financials, Staples, Industrials, Tech and even Discretionary. Basic Materials and Energy remain to be seen.

 The Tick chart washes out on the break of the March Lows and since has been pretty strong at +1000 readings.

 For Financials, FAZ is an ETF to watch as it made an important breakout, should the breakout fail, FAS will be looking pretty good from a risk:reward and probabilities perspective.

 This a.m.'s 3C on a new FAZ high, this is the breakout level at the red trendline.

 UUP 10 min looks like there's going to be more pressure on the dollar.

 FXE (EURO) looks like it will be putting that pressure on the dollar, despite Italy.

 FXF may not be useful as there was an intervention in the currency since yesterday

To the extent that it may still be useful, it's showing some negative signs.