Actually it was the IWM...

The chart I mentioned that had a 1 min negative divergence in to the afternoon yesterday as the IWM, not the QQQ, but this allows me to show you what I was talking about in the last update about charts at 2 and 3 mins not being effected today.

 IWM 1 min chart from yesterday, from left to right: positive divergence with the rest of the market at intraday lows around noon time, negative 1 min divergence going in to the afternoon trade, this was the only chart that ended that way and is only a 1 min chart so it's not a big negative divergence. This morning it is lower at confirmation with price with a positive divergence developing. Now the more important part...

The same IWM, but 2 min (the higher the timeframe the more significant the divergence, however in early trade the short term timeframes are important to judge the strength of divergences, for instance this 2 min chart allows us to judge the strength of the 1 min negative divergence above). This is a little longer history as well, showing Friday's late day accumulation, Tuesday's gap up and noon time accumulation, the green arrow is price/3C confirmation of the trend and the 2 min chart is currently in a leading positive position, if it were to confirm lower prices 3C would be down around where price is like the 1 min chart above. This tells us the 1 min negative divergence from yesterday in the IWM and this morning's confirmation of the move down are not strong underlying trade signals at all as they haven't moved the 2 min chart (the next timeframe) out of its leading positive position and this is what I was explaining in the last post.