The Euro has been pulling back since about 12:30 or so. The market has been moving up against the Euro intraday correlation and thus it seems to be getting frothy in the area.
The Dow is showing a similar divergence (negative) recently to that of ES.
It looks worse on a longer time frame, it looks like a decent pullback, however this certainly could be overwhelming retail selling in to strength today.
The IWM 1 min shows almost exactly the same thing as ES a negative divergence around the 1:45 high.
The 5 min chart looks worse as if there's going to be a fairly deep pullback/correction.
QQQ 1 min looks the worst, negatively divergent at the same area.
And the 5 min looks the worst here as well.
SPY 1 min looks exactly the same as ES
The 5 min shows a couple of accumulation areas, but the position of 3C is lower than it should be for confirmation.
No comments:
Post a Comment