Market Update

 DIA 2 min looks pretty nasty here.

 DIA  30 min has been negative for some time, this is why I believe this entire run has been a bear market rally, but the recent downside momentum has increased dramatically as I have been pointing out and as the market has been lateral, which as you know is the time we see the greatest moves in accumulation/distribution.

 Look at the recent downside momentum in 3C on  60 min chart!

 The 1 min chart has a slight positive divergence, we all know that the market is very volatile intraday and doesn't usually hold early downside breaks without bouncing. The character of today's trade will be important, but I think a bounce is certainly possible-we haven't lost that much ground yet.


 IWM 2 min also looks like an intraday bounce could be coming.

 Note the recent downside 3C velocity in the 5 min chart.

 IWM 15 min

 IWM 30 min

 QQQ 1 min shows the break and a positive intraday divergence.

 The 2 min chart isn't as generous , at least not yet, but the market could bounce before I even finish this post.

 Note the change in the QQQ 15 min chart


 SPY 2 min longer term.

 SPY 2 min close up


 And the 1 min chart shows the positive divergence for an intraday bounce.

ES looks horrible.