Market Update

As mentioned in the last market update, the divergences have to start somewhere and then if they keep building they get stronger and migrate to longer term charts. Another factor in the timeframes we look at is the time of day, it takes a 5 min chart longer to catch up to opening action than it does a 1 or 2 min chart (this is a function of 3C's coding as it does not use averaging because when you average data you lose data), so while there are some developing signals on some longer timeframes, they are still in the developing stage, but the next longest timeframes are showing the early 1 min positive divergences have started migrating through the longer timeframes as the market starts to show some momentum.

 DIA 2 min leading positive-this is now stronger than the last update.

 IWM 2 min leading positive.

 The QQQ is where I have suspected relative strength would be found and has a clear leading divergence now out to the 3 min timeframe.

And the SPY's previous 1 min chart that "looked" like it wanted to lead positive, is now leading positive on the 2 min timeframe.