Market Update

 The Dow seems to be the odd-man out, I've noticed over the last several weeks it has been lagging more than any other average, currently the 1 min chart isn't even in line with price.

 The IWM is in line and shows a nice positive divergence off the open.

 Friday on a 5 min chart, the IWM (like most of the other averages) held well during the move down and stayed in a positive divergence.

 QQQ early confirmation looks pretty good, AAPL certainly helps.

 Again the Q's held well in to Friday's selling, managing to stay positive on the 5 min and there are still the 15 min leading positive divergences in almost all of the averages and several industry groups as well as a lot of individual stocks and ETFs.

 The SPY's early action is inline with price (confirmation) which is important as it shows there's no strong effort to sell in to this morning's strength, although multiple resistance areas are in the region.

 The SPY 5 min held up well, also staying positive in to Friday's selling.

 As a reminder of what many of the 15 min charts look like, they are in leading positive position on an important timeframe.

 The flight to safety trade, TLT/Treasuries saw a deep leading negative divergence Friday and remain leading negative on the 1 min

 Here's the 5 min also leading negative indicating a move to sell in to price strength, at least on a short to mid term basis (perhaps as long as a swing trade).

 UUP/$USD 1 min gapped up this a.m. in to a negative 1 min divergence and has seen some downward price pressure since.

 The 5 min chart-part of our early analysis last week noticing something was going on with the Euro/$USD is still leading negative, timing is right with the Euro positive divergences.

 $USD 15 min leading negative trend, this is a strong short term signal and bearish at that for the dollar (market positive)

 Euro 1 min opening trade gapped down in to a positive divergence and has moved up from there.

 The 5 min's accelerating leading positive trend

And a good 15 min leading positive to compliment/confirm the $USD's 15 min leading negative.

This may be the start of the counter trend move, although I try not to read too much in to early morning trade.