And here's a little intraday support as I'd expect at the ascending wedge area, it actually broke, but is being tested and often lingers around the area for a bit.
SPY 1 min shows the intraday positive divergence near the support area
SPY 2 min longer term relative negative divergence.
SPY 5 min leading negative hitting new lows for the entire rally.
SPY 15 min is the strongest or was the strongest chart, it looking like this is significant.
We have to remember, it is not that often that 30/60 min charts, above and below go in to leading negative divergences.
While there's a lot more that I want to look at with some time, I would say this to those wondering if this is a pullback/consolidation for a move higher. If that were the case, the point of such a move would be to accumulate shares for a move higher, I don't see any signs of that happening. If you were able to enter/add to short positions this week, I'm a little jealous.
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