Market Update

Not surprisingly the averages look very similar to the Euro, however similar to yesterday when I was just capturing the last chart for a market update, you may recall all of the sudden the market character (3C) changed instantly with a big leading positive jump in the IWM which caused me to have to scrap 10-15 mins of work and start over. There may be a similar change starting to occur right now, I'm not scrapping this update though as it is not yet as definitive as yesterday's was.

 Note how similar the SPY divergences look to the Euro/FXE just posted-3 min negative/leading divergence.

 The 5 min isn't too bad, but still a negative divergence this afternoon

 The 60 min chart, leading positive above where 3C was at during the May 1 highs.

 Here's where things get a little strange as the DIA 1 min did go negative at the same area as every other average, but the 1 min has a leading positive divergence (I captured this after the SPY). The way the intraday charts would work is negative divergences on the 1 min, if strong enough would move to the 2, 3, and maybe the 5 min chart. If a new divergence, like a positive divergence started forming, it would again start on the 1 min chart and work it's way through the longer intraday timeframes, while it's a bit early to say, it appears that may be what is happening in the DIA.

 The 2 min chart wouldn't see any new positive divergence yet, it would just show the extent of the previous negative, I will note the 2 min in its current position has a relative positive developing, whether that holds will largely be up to what happens on the most recent data (the 1 min chart).

 DIA 5 min negative divergence from earlier. If the 1 min positive divergences were stronger right now and I felt there was definitely something to them like yesterday's 5 min IWM, then I would post the charts in a different order for you to understand, I'd start with the 2, 3, and 5 min negatives and end with the newly forming 1 min positive.

 IWM 1 min negative intraday, with a possible relative positive forming now.

 IWM 2 min negative at the 1-1:30 test and a possible relative positive forming up.

 IWM 5 min was very strong yesterday leaving it in a good relative position, leading positive, even though intraday you can still see the negative.

 QQQ 1 min negative at 11:30 and 1:30 with a possible relative positive forming.

 QQQ 3 min leading negative intraday.

And the extent of the negative divergence on the 5 min which is leading negative intraday.

Now to see if there's anything to that DIA 1 min chart.