Market Update

 SPY 1 min still positive and still looks like it is building for an intraday bounce, however markets can also correct laterally through time.

 The 2 min remains negative, so the 1 min positive divergence is not migrating to a stronger timefrme.

 The 5 min is quite negative with a bad relative negative divergence between the Wednesday intraday highs and today. There's also a leading negative divergence in play on the 5 min chart, thus this is looking like a decent area to add/ or initiate short positions. It would be best to do so on price strength (an intraday bounce) that is confirmed to be under distribution.

ES has now moved in to a leading negative divergence (in an early update I told you it was approaching that area). You can see a bit of Wednesday's market hours toward the close in black at the far left, Thursday's in black in the middle and today's regular market hours. The white arrow is the 3C positive divergence from early a.m. hours that sent ES higher in to the American market open, since the negative divergence has continued and is now leading negative as 3C is lower then the area where ES went positive (the white arrow) creating a leading negative divergence. It is also  at new lows for the entire chart timeframe, even though prices are higher, showing negative underlying action. Scrolling back, I see this is also the lowest 3C reading for the entire week!