Very Early Opening Indications

 The SPY daily is sitting right at an important support level, but a clean break of the 22 day.

 This is a fairly large gap to leave open when the market has been so diligent about filling them, however the typical post EU close ramp may be more difficult today, although who knows what the HFTs have in store; they need movement to create order flow and scalping. A break below support with that gap left open, especially where we are right now, would be an extremely negative print for the day.

 The 1 min chart thus far looks like the SPY wants to try to back and fill a bit into the gap with a relative positive divergence, we'll have to wait for the longer term charts to catch up to see if there is any strengthening of this relative divergence and if it can bleed in to the longer timeframes. As I always mention, the market does not hold losses this big, this early very often, however changes in character always precede changes in trend, so today should be telling. I'll update as the longer charts catch up.

As a reminder, here's the damage that has been done on the recent bounces of the last several weeks as each has seen a negative divergence in to strength, severely damaging the longer term charts.