Market Update

Things are happening so quickly, I had captured about 20 charts for posts that I had to trash as things have changed since capturing them. I'll be icing my finger tips tonight from all the typing (both of them!).

 You should recall from the last market update a positive divergence, seen in white, that has turned negative on the 1 min chart of the DIA.

 Weakness should migrate to longer term charts, the 2 min shows the same positive divergence and a strong negative then a leading negative.

 It seems the weakness is now (intraday) making its way to the 5 min chart. Again you can see the accumulation from the last update.

 The IWM is the weakest on the day, down -.67% and it also has probably the weakest intraday chart.

 The Q's and this a.m.'s positive divergence, (I drew a white trendline just so you can understand the divergence, the second low was deeper then the first, but 3C moved higher, that is a positive divergence (short term accumulation intraday) and now it has gone negative.

 That is bleeding in to the 2 min chart, by the time I finish this post it may be to the 5 min already.

 The SPY with a white trendline drawn for the same reason, the green arrow is trend confirmation, the red is a relative negative divergence.

You can see it on the 2 min chart bleeding through now.

Here is the Dow-30 and the Maginot line, if we were playing the drinking game I mentioned yesterday (take a drink every time the Dow crosses $13k), I'm pretty sure we'd be inebriated.

While the ATR has been small lately, in context, I think this is the volatility I expected yesterday.