Market Update

I can't bring you all of the charts I want to show you, it just takes too long and I could miss something big, but as I said, QQQ all timeframes from 1, 2, 3, 5, 15, 30, 60 min and even 4 hour and daily are in NEGATIVE DIVERGENCES.

Here are some of those charts

 First all of the charts have broken above some obvious recent resistance zone today, very common to see a head fake move right before  reversal (forget the GS long Euro call yesterday!!!), also as I point out time and time again (although we had already seen the short term positive divergences yesterday), a bullish candle like yesterday's Doji/Star with high volume is almost always a reversal candle and on almost every timeframe (the candle has to be bullish or bearish and have higher than normal volume) *Note that candlestick reversals have NO TARGET, it could be a day, a half a day or a month, they just tell us the current move is about to change, no other target information is provided.

 DIA, same Doji/Star with high volume, same breakout above local resistance and same lower volume when a breakout should see increased volume.

All the same in the QQQ, except the Q's also broke above the bear flag, this will bring longs in as the bear flag is now considered a failed pattern, so in essence we have the makings of a bull trap.

 SPY 15 min-this is the strategic outlook, this very negative leading divergence, from here it's just about looking for the tactical trade,

 SPY 2 min leading negative, note the positive divergence yesterday AT THE LOWS-NOT A COINCIDENCE.

 The longer trend of the same timeframe , see the July 26th-Aug 1 negative divergence? This is why I called this a "Noise move", I didn't expect it to last this long, today's position is leading negative in a bigger way.

 3 min migration, the negative here is now bigger than yesterday's positive, SELLING IN TO PRICE STRENGTH.

 3 min trend shows an even worse outlook.

 DIA 1 min

 DIA 3 min looks REALLY bad.

 migration to the 5 min

 The 15 min with the "Noise move" and today's move at a leading negative divergence-again this is more of a strategic outlook.

 QQQ 1 min leading negative below yesterday

 5 min tend with a leading negative, really the worst of the series.

 QQQ 30 min, again today's divergence is the worst of the series.

4 hour leading negative-this is a serious strategic outlook.