Market Update

It looks like we are running in to that congestion area I mentioned earlier, there's no real damage done though. The Euro isn't helping much either, in fact the market has shown pretty good relative strength when looking at the Euro since the open.

 In bold red is the congestion area on this 15 min chart, you can see the SPY just moved in to the area before pulling back a little, this is where technical traders will be watching and shorting expecting a failed attempted test of resistance. The white arrow is the long term resistance area that needs to be broken to really change the emotional dynamic and force short squeeze activity.

 SPY 1 min  was in line this a.m. and saw a small relative negative divergence as it entered the congestion area, there's a very small leading negative divergence in place, but this is only a 1 min intraday chart.

 The 3 min chart has had no damage done and is in line with price.

The same for the 5 min chart.

Here's the EUR/USD pair since the 9:30 open (green arrow), as you can see there's been no trend in the Euro so the market has shown better relative strength than the arbitrage correlation would suggest.