VERY Early Update

 SPY 1 min sees a slight positive divergence on the open, probably over the emergency Greek meeting and the EU hoping G-Pap is voted out, but this may be difficult. We have a second country, Italy, which may be following the same footsteps as Greece.

The 5 min is about as far as I go this early and basically price has just caught up to some degree with the leading negative divergence that was already in place, this is why it is called leading as it leads price toward it, but in reality, it still has a long way to go.

Scaled out, the 5 min is hitting new lows below the start of the rally, the red box is the leading component just from yesterday alone.