Market Update

This is the first market update thus far today because there didn't really seem to be much going on that was hinting at one direction or another until I looked at it with a bit longer perspective.

Thursday 3C clearly warned about Friday's drop...

 SPY's negative and then leading negative divergence on Thursday warned of Friday's drop. A small positive divergence late Friday formed, I assume this may have been part of a gap fill set up, however today the 2 min chart CANNOT confirm the gap up and remains at Friday's levels.


 Here's the DIA also warning on Thursday and a late day positive divergence, again probably connected to a gap fill as no gaps are left unfilled anymore, however the DIA is moving this afternoon toward a new leading negative low, below that of Thursday/Friday.

 Here's a closer look at the same chart intraday today.

 That chart has leaked in to the next timeframe at 2 mins, you can see the severe deterioration on Thursday followed by Friday's drop and a negative divergence today in the afternoon. The fact that the faster chart is worse and bleeding in to the slower chart is significant.

 Here's a close up of the same chart intraday.

 Here's the DIA 5 min that warned Thursday, again on Friday at intraday highs in the mid afternoon and again today.

 I have pointed out the IWM's 5 min trend as it is leading negative, you can see that the IWM is still not in line, but on the same trajectory as the 3C trend.

 QQQ 2 min wanring on Thursday and is leading negative today with a relative negative divergence this afternoon, still in leading negative position.

Here's a close up of the same chart today.

I'm going to take a look at some of the Industry groups next as well as GLD/SLV.