Market Update-Closing Indications

As I said last night, we just needed a little more time to let the charts develop and develop they did.

 DIA 1 min-for those of you using 3C, I just wanted to point out that relative divergences are often followed by the stronger leading divergences such as today's leading positive in to the close.

 Again, DIA 2 min from relative to leading positive

 DIA 5 min at a new leading positive high above price high of the 5th.

 DIA 15 min in a leading positive.

 DIA 30 min is where the leading negative and longer term pullback trend we expect after a move up is.

 IWM 2 min leading positive, very strong on today's price weakness, also at a new leading local high.

 IWM 3 min relative positive, look for a leading positive next.

 IWM 5 min relative positive.

 IWM 15 min leading negative-this represents the pullback trend we expect to develop after a move higher, although we always have to watch for changes and listen to the message of the market.

 QQQ 2 min leading positive in to today's price weakness.

 QQQ 3 min relative positive

 QQQ 5 min leading positive in to today's price weakness, pretty impressive move that quick on a 5 min chart.

 QQQ 15 min in line more or less with price/downtrend

 SPY 1 min really turned around fast today to hit a leading positive

 2 min SPY trend has remained leading positive, this is what started the curiousity yesterday that this trend didn't break down in to yesterday's price weakness, although difficult to understand at the time, it was a good signal and not noise.

 SPY 3 min with a great positive divergence at today's lows and a leading positive in to the close

 SPY 5 min has remained in lading positive, it never saw any damage like some of the shorter term charts (smaller distribution on shorter charts) and is hitting a new local leading high.

The 15 min lading negative trend. On price strength, we want to be looking for a place to unload longs and enter shorts in anticipation of this negative price implication/pullback.

Things were a little confusing yesterday, but cleared up pretty well today, this is why it's important not to marry your opinion and be open to what the market is telling you.