I'm starting with the 2 min chart and then the 1 min, the 2 min shows the positive divergence seen in ES and what appears to be some weakness although it is slight or just starting.
For more detail on that weakness I'm looking at the 1 min chart which is showing more weakness
I'm not sure how to take the 5 min chart, it could be the 2 min positive bled to the 5 min and the 5 min is not showing the weakness bleed through yet. Or it could be the 5 min is showing a bounce in to the end of day. I'll address this further, but remember the psychology in the market is buy the dip.
IWM 2 min positive divergence and perhaps some weakness building in.
The 1 min chart suggests that is the case.
In further addressing the 5 min chart, it should be remember that even if there is a positive intraday divergence, the overall position is leading negative and even lower today, so an intraday bounce may materialize in to the close, but it is in a position of greater weakness which would suggest that it will just be shorted/sold in to strength by smart money.
QQQ 2 min didn't show a positive divergence and while it has held up well today vs other averages, esp. the R2k, it seems the relative outperformance is being used to sell aggressively.
QQQ 1 min shows a very small (weaker) relative positive, this is why it didn't show up on the 2 min, it wasn't strong enough to bleed through.
The QQQ 5 min leading negative position.
SPY 2 min positive divergence and basically in line right now
The 1 min confirms the exact same
This has the strongest 5 min intraday positive divergence.
I'm going to look at sectors like financials, energy and AAPL as it is nearly its own sector now.
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