Early Update

Downside confirmation this a.m.

 See the area in white from Friday, that was the break higher, I said in this post on Friday... "I don't trust it, The 1 min chart didn't show any positive divergences so it seems to be a rumor or some kind of head fake. The 2 min chart would suggest that whatever it is, it's being shorted. I don't trust it." This morning we have downside confirmation and you can see why I didn't trust the move Friday being very negatively divergent.


I mentioned also that traders had higher expectations for the EU summit and this move may have been them repositioning on disappointment re: the EU summit, from longs to shorts on price strength.

 The 2 min chart also didn't trust Friday's move and is confirming the gap down today.

All of the same is true for the 5 min chart.