Mat Update

 DIA 15 min doesn't look too good, but this is basically what I'd expect to see on a head fake breakout, longer term weakness and short term intraday positives to drive the breakout, essentially selling in to strength on a head fake or false move.

 The 5 min chart since the positive divergence for the bounce, this is the same positive divergence that has had me looking for the head fake move in AAPL, but all of the averages are close enough to do the same except the IWM which has been playing catch up recently as the best performer Friday (all of the other averages Friday closed +.18% to +.42 whereas the IWM closed +1.35% but is still the laggard).

 DIA 2 min weakness on Friday, most likely typical Friday selling with traders not wanting to hold over the weekend, here there's a positive intraday divergence, also note the slightly distorted triangle, it looks like it's being shaken out a little, similar to how both AAPL and IBM saw slight downside shakeouts before moving higher.


 DIA 1 min, this is an outlier as far as the rest of the charts... We'll have to see what develops here.

 IWM 5 min and the positive divergence last week on the bounce, the IWM optically looks stronger then the other averages, again it's also the biggest laggard so it has catching up to do.

 IWM 2 min with a negative Friday and a positive intraday today.

All of the other averages are near the top area of a couple of weeks ago, the IWM is the furthest from that. If the IWM is going to post a head fake move, it still has catching up to do.

 IWM 1 min has a nice intraday positive here, probably one of the stronger ones.

 QQQ the bigger picture on the 15 min chart, I guess you could call this a very small double top, with double tops and bottoms, the last move before a reversal is almost always a shakeout, with a double bottom, the second bottom hits a new low before moving higher.

 QQQ 5 min has a relative positive right now...

 Here's a wider view of the same chart, we have the positive divergence for the bounce from last weak, but as QQQ moves in to the area of a small double top, 3C was weakened significantly, again, this is the kind of underlying action I would expect and hope to see in this situation for a reversal move.

 QQQ 2 min is actually pretty weak looking here. This is a longer view, below is a closer view of the same chart.

 When looking at it intraday, there' a negative on the open, but it doesn't look quite so bad intraday, pretty much in line with price.

 QQQ 1 min with what is thus far a relative positive divergence unless it moves below the lows at the left of the arrow.

 SPY 5 min, the bigger picture here is weakness, but intraday there's a small positive divergence.

 It's pretty much the same on the 2 min. there's a small intraday  positive divergence inside a more powerful leading negative.

 A closer view reveals the intraday positive as well as an earlier negative on the open.

And the 1 min chart with an intraday positive.