Market Update

Although the decline lower started around 1:40, news also broke that a Saudi pipeline was destroyed in an explosion sending crude higher and explaining the commodity chart in the last post.

From The Arab Digest

Saudi Arabia's Eastern Revolution hits the oil sector: pipeline under fire

For the first time in decades, the Eastern Saudi Arabian volatile situation has reached the vital oil sector. A pipeline between Awamiya and Safwa has been reportedly targeted, and is under fire; the Saudi government sources were quick to claim that the fire is one kilometer away from the pipeline. Saudi Arabia's Shiite minority, mostly residing in the oil rich east, has been protesting for years against State sponsored discrimination.

From what I can tell, this happened around 3 p.m. EDT.

USO reaction

Uso was bouncing today any way (sorry about the cap locks-another system malfunction) but volume picked up right around 3

 DIA under $13k

 DIA negative divergence

 DIA 2 min negative

 ES negative all day

 IWM

 IWM 2 min negative

 QQQ seems to have hung in better because of AAPL

 AAPL

 QQQ 2 min negative

 SPY

 SPY and the 50 bar 5 min.

 SPY 1 min negative

SPY 2 min negative.

While it is tempting to blame the decline on the pipeline, it's clear divergences in ES have been running all day and in the averages around 1:30