The Averages

What is also interesting is the break in ES's VWAP coincided with a break in most of the averages initial intraday support.

 DIA

 IWM

 QQQ

SPY

From my earlier posts today in which I could find no reasonable catalyst to the underperformance of the best performing stocks of the year and quite frankly, just the look of overnight trade, nothing has passed the smell test.

I think it is reasonable (and ironic as I mentioned, I was talking about the lack of a head fake above the S&P neckline after hours last night with another member) to look at the S&P neckline and break above it today with a suspicious eye.

The long wick on today's daily candle s a rejection of higher prices. Interestingly, its not only a break above the neck line which certainly could turn out to be a head fake as we saw in October, but it is also a break out from a bearish wedge (white arrows) and considering the wedge in place, I would lean heavily toward a probable false breakout there as the pattern is too obvious on a major average's daily chart.