Market Update

The floor I mentioned earlier (Monday's lows) have so far done what I expected and provided some support for the market, now the question moving in to the European close is whether the Noon-time rally that has been the pattern over the last 4-5 days, continues and to what extent or has there been a change of character. The US data on balance has been fairly decent, today however that was not the case. Still, it's news and rumors that propel the noon rally.

Here's the current readings

 The 1 min DIA from yesterday late in the day to a 10:30 a.m. positive divergence AT SUPPORT as mentioned and some initial somewhat negative readings, but this 1 min chart is very fluid.

 The 2 min chart is stalled in a minor relative negative divergence.

 The QQQ show the same accumulation (short term intraday accumulation) at the same time and also show some short term weakness.

 I couldn't help but noticing this 15 min chart of the QQQ (zoomed in to show reaction to recent trade) and how it went negative on yesterday's parabolic rally and is leading lower today.

 The SPY 1 min also shows 1 min accumulation at 10:30 at the 100% retracement level and what is slightly negative, but I'll call it in line for now at the green arrow.

The 5 min is also slightly negative, which may just have caused the lateral trade in the red box.