Early Market Update

I say early because until about 10:30 -11 a.m. there's a lot of game playing in the market, taking advantage of overnight or pre-market limit orders before people head off for work, I use to not even bother looking at the market before 10:30 because of this many times.

As I mentioned and kind of suspected last night, NFLX's guidance is weighing on the Tech sector, it is evident in the averages themselves: DIA +.79, IWM +.71%, QQQ -.22%, NFLX -13.54%, SPY +.47%. For this early in the day, the market seems a little ahead of itself. Averages such as the DOW do seem to be responding to the Euro divergence I pointed out last night and the Dow in particular is running ahead of the EUR/USD correlation. This would cause me to expect a bit of profit taking in some of the higher moving averages this morning and that is what 3C is showing.

 DIA 1 min is seeing one of the worst intraday divergences, for a period of so much uncertainty, I thin some profits are being taken on this strength.

 The DIA 2 min is having trouble confirming the upside move this morning, it's moving in the right direction, but seems to be telling us the Dow is getting ahead of itself.

 The 5 min has less noise and more short term trend, again  it's having trouble confirming the move up this much, this early on market wide uncertainty.

 The IWM is seeing a 1 min negative as well on its early strength, not a huge deal, just I think we'll see some backing and filling here.

 The IWM 2 min is showing the same

 As is the 5 min.

 I started with the 2 min chart on the Q's because it is still showing the strength that has been building the last day or so.

 The 1 min chart which is clearly much more negative than any other average I believe is reacting to the NFLX earnings.

 QQQ 5 min looks like it wants to hang around this area a bit longer, maybe to accumulate some more, maybe its trepidation in front of AAPL earnings after seeing NFLX's guidance last night.

 QQQ 15 min is still strong, I wonder if they know something we don't yet?

 The SPY isn't running quite as high, but still seeing that early 1 min divergence

 The 2 min is pretty much in line

The 5 min remains strong in the SPY.

So far the market does look like it wants to move higher, but is definitely cautious ahead of tomorrow.