Quick Market Update

 SPY 1 min didn't confirma at this morning's intraday highs, like ES, it has moved lower in to an intraday leading negative position which would suggest selling in to the pop and has kept the SPY range bound since, unable to add to the opening gains.

 The 2 min chart is also falling off pretty quickly.

 This is the longer view of the 5 min chart I posted last night that showed a relative positive divergence (relative is the weaker of divergences, leading is the stronger) that I thought may be there to fill the gaps in many of the averages and many have been, however at this point and we should be far enough in to the day for the 5 min to catch up to market action, it remain in a leading negative divergence here.

 This is a close up of the same chart, so the 1 and 2 min divergences have filtered in to the longer 5 min timeframes.

 A quick look at the other averages shows similar activity, the DIA 2 min not confirming the intraday highs on the gap up and a leading negative divergence that has been pulling the Dow lower since the a.m. intraday highs, still the DIA is mostly in a range.

 ES has not improved, you can see the earlier positive divergence, I suspect on the German eco data coming out and ES has been negative since then, including Bernie's speech, it appears the price strength is being sold in to at least on an intraday basis.

 The IWM saw early confirmation that moved with price (green arrow) and since a negative leading intraday divergence has put the IWM in to a range.

The QQQ longer view of the 2 min, it is seeing similar activity as the rest, you can just see the degree to which there is no confirmation of the move higher today and this is a fast chart so it has had plenty of time to move up and confirm.

Since the open (red vertical line), the NYSE TICK chart has fallen off, right on the open, although strong readings at +1250, now like the market which is in an intraday range, the TICK has settled in to a narrow range of +750 to -600 or more or less flat. The TICK chart is the number of NYSE advancing stocks per TICK (1 minute) less the number of declining issues.

I would expect some intrady downside from here as this is nearly a mirror of last week's action, the volatility on the gap and then the fade intraday off the best levels.