The Noise

Here's what I'm talking about with the noise mentioned in the last post. I will say that expectations were for a move in to the gap and then that move to fall apart, expectations have been met.

 1 min timeframe is negative in to the opening gap up in to Friday's gap area and 3C is pretty much in line with the move down.


 When looking at the 2, 3, and 5 min charts to follow (2 min above), we have to keep in mind we had a pretty decent leading positive divergence as of yesterday, so 3C was elevated, this is what was telling us we'd see the opening gap higher today. However as you can see the 2 min timeframe is not moving down like the 1 min timeframe, the typical migration of a divergence from the 1 min chart to longer charts is not occurring here. This is why I'm a bit hesitant to say that this is the break I have been expecting leading us to a decent size pullback, without any further attempt at more upside, even if it is slight.

 The 3 min chart is still in relative positive territory.

As is the 5 min.

As you saw, remove the noise and the 15 min chart is very negative. The 15 min chart trumps all of these as far as the trend and importance goes, these charts are more just tactical intraday or day to day movements. I would not be going long much of anything right now as the next decent move as shown by the 15 min chart is down.