The market has done basically what I said it would do thus far and has gone in to a consolidation on the first appearance of a small negative divergence (red arrow).
Most of the averages are seeing similar if not slightly more negative action on intraday timeframes from 1-3 mins., several still have 5 min charts that haven't gone negative yet (remember divergences migrate from the fastest timeframe to the longer ones if they are strong enough). So with the 5 min still not negative INTRADAY (as all are on a larger, more important perspective), there's still a reasonable chance of this just being an intraday consolidation with some more intraday upside to come.
I want to take a look at some other asset classes and see what they are doing rather than just the averages themselves, I'll bring you anything that looks important, but this is kind of myopic analysis at this point, just looking at intraday moves, especially given the larger trend has deteriorated so badly.
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