ES Update

Just as a quick update as the charts changed a little as it took time to put together the last post.

 ES since just before the 9:30 open to present, the negative divergence is still there, but remember this is a 1 min chart, usually it moves price intraday and that's about it.

 ES with VWAP applied, note the strength or momentum as ES walks the upper standard deviation (2) of the VWAP, also note how momentum has dies off since the negative intraday divergence as ES has backed off "Walking the upper band", which shows strong momentum when a market average or something like ES does that.

 CONTEXT for ES has improved since yesterday, I'll be interested in the Risk Asset layout indications.

CONTEXT for SPY shows that the model and SPY are converging as the model earlier was pointing to higher prices for the SPY, it's now at about fair value from an arbitrage point of view, which is in line with the 1 - 3 min negative divergences, as is ES's fading momentum.