The F_O_M_C_ Minutes?

We all know the F_O_M_C releases a policy statement, after that the details of the actual meeting in the form of the minutes come out, this is where investors can get a feel for who's thinking what and there could be some potentially important comments there that were not reflected in the F_O_M_C policy statement, I have to wonder if this "phenomena" we are seeing is connected to the minutes? If so, is it just out of caution, "make no big moves until the minutes are released" or a leak?

Perhaps it has nothing to do with the minutes, but the timing is strange.

Here's an example of what I'm talking about and I don't see anything to suggest any real changes this morning...

 SPY 1 min this a.m. seems to be in line with price, but the 3C moves up were more than in line, this is what gets accrued on the longer charts.


 The 2 min chart looked fine and was telling us to look for a move in to the gap which happened on the open of the 10th, but from there, the 2 min chart should, or I'd expect it would, have confirmed the lower prices, yet it remains in the same leading positive position it was in before we got the short term move up we expected on the 10th. I can only assume from what the charts show here that there's more upside as it appears weakness is being bought, not in a HUGE way, but its pretty solid for a decent move up, which could put us in short squeeze territory again.

 The 3 min chart (the point here is the migration-it's not 1 or 2 timeframes that are giving a strange reading), the first divergence is what we saw and expected to see a move higher from, that happened on the open of the 10th, yet 3C remains in positive position rather than confirming the move down in prices, I can only interpret that as short term accumulation of price weakness.

 The 5 min chart hasn't been effected at all since the 10th and lower prices, it remains in the same leading positive position, with a chart like this, I'd expect a move above the 5th's highs.

 However when we talked about a decent pullback, that was because of the leading negative position of this 15 min. chart which is still in leading negative position. Based on what I see right now, I'd have to say we should still be on the lookout for another short term move up, similar to what we saw on the 10th followed by a decent size pullback, however the caveat now would be that since the short term charts have remained in leading positive position for a longer period of time, they've had more time to soak up shares (accumulation). I would think if the market were just nervous about committing before the minutes out at 2 p.m. today, we'd see a more 'in line" stance from 3C. I can only interpret this as a stronger move higher than the 10th for a longer period, but still within the realm of a short term move (maybe several days-maybe close to a trading week). I'd still expect a decent (larger) pullback after that based on the 15 min chart, unless it changes (either becomes more bearish or strengthens).

Here are some examples of other charts in other averages, the point being, each is kind of unique in the way they have come to be in this position, but overall, each are still in a similar position, like what we see above in the SPY.

 DIA this morning on the 2 min with a relative positive divergence shows this same activity is continuing.

 DIA 3 min, the white arrow told us to expect the move on the 10th, what followed after that though has kept the upside pressure on, or in other words, it still appears the shorter term charts are accumulating price weakness.

 The large leading positive late yesterday in the IWM and many others on a  2 min chart.

 We see the same on a 3 min so it doesn't look like random noise as it migrated to the next longer timeframe as it should.

 IWM 5 min in leading positive position, this is the longest of what I'd consider to be the intrada

QQQ 1 min with yesterday's late day strength and the same behavior continuing today.

The 2 min is also in a positive divergence.

The 5 min QQQ positive divergence.