Early Update

There's no real divergences yet that suggest that the market won't continue to drift slowly back down in to the gap, I do find it interesting though that the reason for the overnight low volume melt up was a rumor that was discredited long before the open, but the first local negative divergence didn't occur until the higher volume open as you can see the transition from pre-market to 9:30 is about when the negative divergence started.

Essentially one would think the market would start moving lower once the rumor was dispelled and it did to some extent, but the 9:30-ish timing is at best, suspicious.

The SPY...

is seeing very low volume, especially compared to the other opens this week and it is also near the support/resistance line that has been the main area of interest this week. I expect it to linger in the area until the next headline creates some kind of volume and conviction. We also have the typical trnedless trade before the FOMC today.