Market Update

There's some disparity between the short term and long term chart, I'm putting more weight behind the long term charts for reasons I will explain after market and because they have tended to be more accurate. This update will be followed by another.

 DIA 2 min posted a nice leading positive divergence that crumbled and is moving toward new leading lows, but it did give us that bounce I was looking for.

That bounce being the second move toward the 15 min 20 bar average.

 The 5 min DIA chart shows some potential for a bounce as a positive divergence forms here, however it is not well supported in the earlier timeframe of 2 min above, not is it supported in the next timeframe of 10 min below.

 Here's the 10 min DIA in a leading negative divergence at significant new lows for the day, which causes me to think about the disparity between the FX/Dow correlation mentioned earlier.

 The IWM/Russell 2000 also shows the same bounce/positive divergence on the 1 min chart, which has since crumbled in to a leading negative divergence.

 The IWM 5 min chart isn't as strong as the DIA 5 min chart, but also shows a positive divergence, however one again the timeframes on either side of it don't support it, which makes me wonder if the 5 min is lagging and representing earlier strength that has since dissipated?  The 10 min as you can see, has hit leading negative lows associated with lower pries.

 And the IWM 15 min seems to be doing what a leading negative divergence does, and seems to be dragging the IWM lower.

 QQQ 1 min showed a small positive divergence and pretty much in line, although a bit stronger then in line. The 5 min chart here also shows a positive divergence

 However once again the 10 min is hitting new leading lows.

 As is the 15 min.

SPY 1 min is the only chart that is largely in line with trading action.

 The 5 min here shows the same "possible" positive divergence, even though on a leading basis, it has already gone leading negative.

 As has the 10 min chart.

Especially surprising is the amount the 30 min chart has travelled today in a leading negative divergence.

Somehow this is all just reminding me of the harts posted about the Dow and FX correlation earlier.