Tuesday, February 21, 2012

Market Update Addendum

Regarding those 1 min positive divergences, I looked at all of the averages and they either look similar to the SPY or worse so I'll just update the SPY.
 The 1 min divergence is now a real divergence, it however still is on the 1 min scale which could lift the market in to the close, but it wouldn't be a strong underlying tone, or it could be just enough to keep the SPY in a consolidation area.

 The 2 min chart is in line, no positive divergence and the 5 min chart below, even more so, so this is not a strong underlying move, but may produce an intraday move or consolidation.


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