Quick Market Update

Well as one member wrote, we won't be hearing yesterday's gap needs to be filled (which is a valid point as the market has been relentless this year about filling gaps), although I wouldn't commit to this move being about a gap fill, I think it's more news driven and just happens to kill that bird as well.

The opening indication on the SPY looks like this...

You can see yesterday's positive divergence at the noon-2 pm lows and on the open 3C remains in a leading positive position in the SPY, it didn't move down to confirm price action, this is bullish underlying action. Some of the other averages are mixed in the opening 1 min chart, but just about everyone is still in a lading position on 2, 3 or 5 min charts, meaning even those that didn't perform as well as the SPY on the opening action aren't seeing strong negative divergences as 2,3 5 min charts are still in a leading positive position. The QQQ looks the worst relatively speaking, which is just comparing to the others, it doesn't mean it looks bad in and of itself and I do believe that is the one in last night's wrap that was showing an end of day negative divergence on some short term charts, 1 or 2 min if I remember correctly.