Thursday, September 8, 2011

Market Update

I wanted to give some of the longer term charts some time to catch up... I don't see any reason for the market to be up right now, so I'm assuming from the looks of the charts, we are seeing a bull trap play out.

 DIA 1 min, all of the charts have the 1 min opening positive divergence

 DIA 5 min is not making new highs with price

 Nor is the 10 min

 The 15 min is starting to lead in a negative  divergence

 IWM 1 min looks pretty bad here

 The 5 min is in a leading negative divergence

 So is the 10 min.

 And the 15 min is turning negative, a pretty long time frame for a reversal, this seems to be more then just a corrective reversal coming.

 QQQ 1 min is falling apart

 The 5 min looks horrible in a leading negative divergence

 The 10 min is also negative

 SPY 1 min is starting to fall apart

 5 min relative negatve divergence as 3C refuses to move higher with price

And the 10 min is quite negative, almost leading negative.

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