Market Update

On the heels of the last ES update in which a negative divergence formed suggesting a pullback, the major averages are showing the same.

 SPY 1 min  negative leading

The 5 min chart though looks comfortable here, this is likely due to what I mentioned last night, that Doji was a pretty good sign of a short term reversal and remember, there are more up days typically in a downtrend then down days as I pointed out yesterday so it's nothing unusual.

 The DIA 1 min looks really bad and suggest pullback very strongly.

 The 5 min chart is not in line, but lagging in a negative divergence.

 QQQ 1 min chart also looks like it wants a pullback

And the 2 min chart is somewhat in line, but the current reading is a bit low. I'll have to take a look at sector performance.