Earlier today because of all the non-confirmation, I thought about writing a post and then thought better of it. However one member emailed me earlier about today's action and she's been a long time member and I know her pretty well so I felt I could say what I had intended to post.
Here's an excerpt from my response and this was what I was going to post, but didn't want to offend anyone.
"I almost put out a post, "I'm calling bullsh#t" on this move" ..sorry about the French.
I can't find any sector or average that is confirming, in fact many are leading negative making this look like one big head fake."
--
Regards,
Brandt
And I apologize for my French, that was my feeling and I conveyed it with charts, but that is really what stuck out in my mind. Any way, here are the updates...
This is the SPY 1 min zoomed in closer to show today's intraday action.
This is the original non-confirmation fro this morning at the proper zoom level.
SPY 2 min is also falling apart, leading negative.
DIA intraday leading negative.
DIA 2 min leading negative. It's important to understand that the original first update this morning already had all of the averages leading negative by way of non-confirmation, this is just the intraday action getting worse.
Here's the IWM 1 min which was not in the first update because of redundancy.
IWM 2 min is leading negative intraday as well as on a longer timeframe.
And the 5 min looks horrible. Remember my Santa Rally video and my opinion was, 'NO SANTA RALLY" because small caps were lagging and the defensive Dow was leading? This is the same concept, the IWM should have led the move and remained the strongest today.
The QQQ is falling apart as well.
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