Opening Indications

Not only were Friday's late day positive divergences (accumulation) right on, but they are all confirmed on the move up this morning.

 SPY 1 min showing Friday's positive divergence in to the slow decline, at the end of the day Friday the divergence was a leading positive (leading divergences are stronger than relative divergences) in the white box. As you can see, 3C is in confirmation with price this a.m.

 This 15 min chart shows the entire bear pennant with the pennant/flag portion dates highlighted, note the leading positive divergence throughout the pennant. These 15 min charts have been suggesting we'd see a strong bounce. The market as a general trend has had difficulty in holding on to early gains, we'll see if that trend continues today, but should we see strong short squeeze activity I doubt it will be a problem, just watch for price to rise with few or no pullbacks as an indication of a short squeeze. This is a classic Wall Street bear trap created by Technical Trader's predictability, as I have said a thousand times, Wall St. adjusted to technical analysis, but Technical traders never adjusted to Wall St. making technical traders extremely predictable and thus Wall Street's reaction predictable.

 DIA  min best illustrates Friday's leading positive divergence in to afternoon softness in price. The DIA is currently in line/price confirmation.

 IWM 1 min with a strong Friday afternoon leading positive divergence, the IWM is a little better than confirmation.

The QQQ kept up a leading positive divergence almost all day Friday and in to the close. The QQQ is currently confirming this a.m.