It's 3:30, time for the big boys to come out and play...

It looks like we'll be in for a volatile close (as volatile goes these days,  +.15% daily returns aren't exactly volatile, but it's all relative).

As you probably know, the locals (Wall Street) usually does most of their positioning at the close or in the last half hour as traditionally day traders exit the market. This is why I favor end of day closing stops as intraday volatility can often be meaningless.

 As seen in the last market update, things weren't very rosy, they have gotten worse since. The DIA 1 min is leading negative and the price pattern looks like a rounding top, intraday of course.

 The 2 min is leading negative

 Even the 10 min is leading negative on an intraday basis.

 The IWM which has been the under-performer for the 2nd day was mostly in line, it is negative at the last run up.

 The 2 min chart which was nearly perfectly in line is leading negative.

 This has seeped in to the 5 min chart, which is leading negative.

 QQQ 1 min has been in a leading negative position most of the day, actually all day.

 From yesterday's afternoon leading negative divergence, it has just gotten worse.

 Now it is leaking in to the 5 min chart, leading negative both intraday and long term.

 The SPY 1 min is leading negative and rounding over

 The 2 min has really changed character today, strongly leading negative.

And that has leaked to the 5 min which is leading negative intraday and long term as well.

The NYSE TICK chart is very volatile bouncing between +1000 and -1000 in a matter of minutes, there's no trend there, just extreme volatility.

Time to check credit/risk assets