Market Update

That intraday positive divergence seen in the first market updates this morning so far looks like it has done what it set out to do and doesn't appear to be much more than what I originally suspected, just an intraday move. Here's the updated charts...

 DIA 1 min positive divergence this morning now seeing a negative divergence off the intraday bump up.

 The 2 min chart of the DIA is in line, not seeing the 1 min negative migrate over yet.

 However the 5 min chart shows a negative divergence and an overall near term negative atmosphere.

 ES is about in line since seeing that positive 1 min divergence just after the open.

 The IWM which has been pretty strong the last several days shows a 1 min negative that is in leading negative position.

 That has migrated to the 2 min chart.

 And overall is making its way to the 5 min chart, even though the IWM's underlying trade shaped up very quickly early this week.

 QQQ 1 min positive this a.m. is turning here

 The 2 min looks worse, this was already in place for the most part since Tuesday's readings suggesting the market looks quite a bit different today than it did Tuesday.

 The 15 min in the QQQ is at a relative negative divergence, unless this turns a lot worse, I would still expect a constructive pullback in the market.

 SPY 1 min positive this a.m. and a relative negative now.

The 5 min shows a much more overall negative tone, again suggesting a pullback, however the fact the longer timeframes haven't seen much damage suggests that this will be a constructive pullback, the kind in which we expect to see some positive divergences and may be used to enter some speculative long on price weakness.