Very Early Update

I don't usually like to update so early as morning trade is deceptive, but I at least wanted to see how the underlying action reacted to the gap.

The SPY is the only of the 3 majors that has shown early 1 min confirmation.

 SPY 1 min confirmation of the gap...

 However as I pointed out in the EOD post on Friday, the 15 and 30 min charts have deteriorated badly and these tend to be the more important charts for intermediate reversals. Here's the SPY 15 min in a leading negative divergence.

 The DIA is not showing early confirmation, at least not yet, although it did move a bit higher.

 Again, the longer term charts (30 min here) have deteriorated pretty badly.

 The QQQ not only did not confirm, but was negative on the open, sending the Q's lower right off the open.

And the 15 min chart in the QQQ has also deteriorated badly. This is the timeframe we often see reversals on when it goes negative like this.

I'll be updating these charts as anything changes and watching the DIA to see if it moves toward confirmation. I'll also be updating Crude and the PMs soon as well as the Credit/Risk basket.