From yesterday's close until 7 a.m. this morning, there was a small negative in front of the Chinese PMI print which is at the yellow arrow, there were no positives, the green arrow is simply moving with price from a deep position, it is not a positive divergence, the only real positive divergence was from 5 a.m. to 6 a.m. The orange arrow is the European open, you can see their data sending ES lower.
From 9 p.m. last night to the open, the Chinese print in yellow, Europe opens at the orange arrow, the slight positive in front of US NFP and you can clearly see the initial reaction to the NFP and a QE inspired bounce back.
From 6:15 a.m. through the open, a clear negative divergence from about 7:15 and it got much worse at 8:15, 15 mins. before the NFP print. The green arrow shows trade in line, although there is a slight leading position during the open.
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