Market Update

 DIA 1 min since yesterday in overall leading positive position.

 Close up of 1 min, there's a small negative intraday divergence around 10 a.m., if you recall yesterday's update/3C lesson, it's the divergences that jump off the chart that really are where the edge is, a quick glance at the chart above looks to me to be more confirmation than anything, you have to look for the negative divergence, it's not large, this seems like consolidative behavior thus far.

 2 min DIA trend (Recall the DIA recently has had the worst underlying trade, whether it was just that way or the signals just weren't coming through strong, the recent change is large for the DIA) in a leading positive trend.

 A closer view reveals an almost perfectly in line signal/confirmation, but within that overall larger positive leading position, again this seems consolidative if anything.

 DIA 3 min trend going positive at some of the worst price levels (the market breaking below the bear pennant/ 200 m.a., the Dow going red on the year, etc. so this is a an important signal for the DIA especially where it is found.

 3 min close up shows the negative divergence around 10 a.m. more clearly, after that trade is pretty much in line.

 QQQ 1 min also negative intraday at the 10-ish area, it seems to be trying to get in to a more in line signal. The only real action this a.m. as of these captures is the 10 a.m. -ish divergence which isn't huge, it just seems to be enough to stop the market from moving higher off the open, I'd think most probably a consolidation. Tactically I don't know why, but I suspect we'll understand shortly.

 2 min QQQ trend, the same positive yesterday, the same 10 a.m. negative

 QQQ 3 min, all of the same signals, so far good confirmation among the timeframes and averages.

 The 5 min looks like a relatively minor divergence this a.m. and the larger trend in inline.

 Since the Q's are Tech heavy I just took a look at the Tech sector 5 min chart, very strong leading positive divergence, this also seems to imply an a.m. consolidation, but as I often mention, a.m. trade is often the most misleading with a lot of games played as the pro's trade later in the day and near the close. The significant divergences recently have been in the later part of the afternoon.

 SPY 1 min trend

 The close up of the same chart doesn't reveal anything not seen on all of the other averages/timeframes.

 SPY 2 min 10 a.m. divergence

 SPY 3 min trend in a very positive leading positive position where price was at its worst.

 3 min intraday 10 a.m. divergence and pretty much in line otherwise, the 10 a.m. area is the main theme this morning and it appears to be a consolidative move.

 SPY 5 min

 Financials finally start to come around yesterday as the SPX has a little more financial exposure.

 XLF / Financials 1 min this a.m.

Financials 5 min overall.

I don't see anything too exciting, this looks like a consolidation, there may be some fireworks coming out of a consolidation or there may be some a.m. trade deception, but so far nothing too exciting here.