In the shortest/fastest intraday timeframes, there's not much of anything going on in terms of upside confirmation.
DIA 1 min since that very obvious leading positive divergence before Thursday's intraday lows with an equally as powerful or worse leading negative divergence in the DIA 1 min now.
The 3 min with a relative positive divergence at Thursday lows and a leading negative (leading divergences are stronger than relative divergences on the same timeframe) divergence currently.
DIA 5 min with Thursday's leading positive before the intraday lows and a leading negative now that has moved below the readings from Thursday.
The ES 1 min intraday chart from pre-market and the negative divergence sending ES lower initially on the open with a leading negative divergence (as I was hoping to see) developing now.
QQQ 1 min in leading negative position from Friday-this is the fastest timeframe and there's not even a move close to price/trend confirmation.
Migration to the 2 min chart, showing Thursday's leading positive divergence (in almost EVERY case the divergence on Thursday was already leading positive before the intraday lows were hit) as well as the continued and worsening leading negative divergence, of course this is what we'd expect to see on a move above resistance as retail traders start to buy the "breakout" offering Wall Street plenty of demand to sell in to,
one of the main reasons head fake moves are seen so often at reversals.
QQQ 3 min leading negative, again it has already moved below Thursday's positive readings.
SPY 1 min, considering the SPX has the most exposure to financials, I not only like the lack of price/trend confirmation this morning, but the leading intraday move lower thus far.
The 2 min SPY also in leading negative position.
And the 3 min in leading negative position, also moving lower intraday.
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