Early Market Update

As you know, I don't put much importance on early trade, there's a lot of manipulation, (for instance today the early action is focussed on filling gaps from the open), however here is what it looks like thus far, nothing too surprising:

 The DIA clearly shows the distribution from Friday that I presented in last night's post with regard to price action along ES's VWAP. Clearly there was selling in to any strength. The Dow thus far looks the weakest this morning with a small positive divergence that already has gone negative. However the market's usually track each other, although we have been seeing less and less of that behavior, for example, Friday's mixed close.

 As I pointed out Friday, the long term trend in underlying trade is vert bearish with a leading negative divergence in the very area in which price alone, optically has been very thin.

 The IWM also shows Friday's underlying selling into price strength, this a.m. the IWM is close to in line short term and looks to be one of the better averages.

 The Q's saw a positive divergence this a.m. sending them higher, it is directly connected to a bounce in the Euro. The only question I have at this point is whether 3C confirms in making a higher high or goes negative?

 QQQ longer term from confirmation to negative divergence.

 The SPY this a.m. also saw a short term positive divergence , the question here too is whether 3C makes a higher high?

The long term in the PX is leading negative and very bad, I assume the heavier financial exposure the SPX has is making it out to appear to be one of the most damaged.