Full SPY Update-Road Map

I think it's important to give you the perspective from intraday to short term trends to the sub-intermediate to the primary trend.

 Intraday the 3C was moving down with the SPY, the Merkel news as well as the F_E_D saw a very small relative positive divergence, right now the SPY is trading in line, or price/trend confirmation.

 The 2 min chart as I have mentioned all this week shows a negative divergence (for the pullback I have expected) and we see trend confirmation at the green arrow, there's no positive divergence this afternoon before the bump higher and that move is in a relative negative divergence, suggesting to me it is intraday noise and a pullback is still the most likely path for the short term trend (days).

 The 5 min chart has been in confirmation of the move up since the SPX hit its lows on that bear trap when the SPX closed below its 200 day moving average combined with a head fake move out of the bear flag. Right now we have a negative divergence in the SPY, slightly leading, all in all it still looks like a pullback.

 A closer view of the 5 min chart showing a small leading negative divergence as the divergences from the 1 - 2 min chart have bled through . Intraday the SPY is in a leading negative position.

 The 15 min chart shows a small leading neg. divergence, we have seen them before in this move up, it still doesn't strike me as anything more than a pullback.

 15 min longer view shows the SPY in a confirmed leading positive divergence and has been positive since the bear flag formed in May.

 The 30 min chart (sub-intermediate trend) is also leading positive, suggesting we have quite a bit more upside before the next leg lower in the primary trend.

 The 60 min chart shows the same-leading positive.

The daily chart (intermediate to primary trend ) shows the negative divergence at the top, the leading negative move and at the yellow arrow the 60 min leading positive divergence is moving this chart.

All in all, I expect a short term (days) pullback, followed by a significant move higher, finally the primary trend resumes to make a new low.