Thursday, January 19, 2012

Market Update

First off, ES has hit another new low. This is VERY strange, 3C on ES usually tracks very well and divergences respond well, I have never seen ES lead like this for so long.

Here's a quick look at the major averages, I want to get industry groups up next.
 I want to show you the zoomed out versions too, I'm just pinched for time so here's today as the market has hit a sort of double top, resistance and I suspect it has been selling and heavy at that. This is the DIA 1 min leading strongly negative

 DIA 5 min the same

 Even 15 min leading in a single day which usually takes more time

 IWM has been falling off in this parabolic move which I called earlier today, "Dangerous looking", like picking up pennies in front of a steam roller.

 IWM 5 min leading negative strongly, plus the IWM couldn't even make the second part of a double top today.

 QQQ 5 min leading negative strongly.

 On the 15 min chart as well.

 SPY 2 min, not much to say that the chart doesn't

SPY 5 min as well.

I'm going to try to get up the 3 industry groups.

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