Market Update

The market today is VERY mushy, tiny little changes in 3C are the signals and there are a lot of tiny changes in what I would call fast moving underlying action, in fact I would guess most of these charts have already changed as they were changing while capturing them, especially the 1 min charts so where appropriate, I try to add some perspective. This could be due to the much lighter volume, especially since 8/6 and of course a large part of the European markets closed today.

 DIA 1 min as mentioned earlier looked a little better than the SPY, positive on the open with a current positive divergence as DIA fools around the unchanged mark.

 DIA 2 min intraday with a weaker relative positive divergence on the open and price / 3C in line, normally price/trend confirmation, but there isn't much of a trend, thus the mushy market.

 You can see on this next capture the 2 min divergence was sending the DIA higher intraday at a minute later, the 3 min chart is not seeing any strength from the 2 min and is in a negative position, however slight intraday.

 ES overnight had almost no interesting signals, this pre-market to current negative divergence is the biggest signal of the entire overnight session and even this is very mushy.

 IWM 1 min positive on the open and then to a leading negative divergence.

 2 min is in leading negative territory and intraday, negative, not in line.

 The IWM 3 min in leading negative territory.

 QQQ 1 min positive developed pretty quickly, which doesn't give me a lot of confidence in it.

 As you can see it developed so quickly that there's no migration of the divergence to the 2 min timeframe.


 The 3 min with a relative positive on the open and a relative negative at the intraday highs.

 For some context, the 5 min QQQ trend, deeply leading negative, as always, when in doubt go to the longer timeframes and solid trends.

 SPY 1 min positive on the open, negative t the intraday high and in line since.

SPY 2 min in leading negative position and not even close to confirming intraday

I'll update as we get some real signals that are tradeble, these are very mushy.