Monday, May 21, 2012

Support building back in

I suspected the early timeframes were seeing a lot of retail selling on strength, there's signs of support building back in and the 15 min charts are getting very positive, reflecting action beyond retail.

 IWM 5 min seeing a leading positive divergence on an already strong day

 IWM 15 min leading positive intraday

 IWM 1 min has managed to stay in line.

 QQQ 1 min picking some momentum back up

The Q's looked the worst on the short time frames, this 15 min intraday positive is encouraging for a bounce.

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