SPY Update

It's still early in the morning and I don't put a lot of faith in early indications as it's usually just retail being run out of limit orders, etc.

However, here's a look at the SPY so far this a.m.

 The white arrow is the day I told you to expect a sharp sell-off, it came the next day and in to Op-Ex Friday. The red zone is heavy resistance as gap resistance is some of the best resistance (Daily Chart).

 Here's this morning's action, there was a relative negative divergence at the breakout level for the "W" bottom, since there's been a small positive divergence (white) on this 1 min chart.

 You can see the accumulation on the 5 min chart and this morning's relative negative divergence at the breakout level so a pullback or consolidation is natural here.

The 10 min chart is more important then the previous 2 and it is in a leading positive divergence. I say again though, this is a.m. trade and usually not too important to the bigger picture for the day.

Here's this am's sector rotation, as I thought yesterday, financials have come in to rotation, Industrials are strong, but both Energy and Tech have fallen off, I'll be keeping an eye on them.