This isn't to say that the environment for a continued bounce is damaged, it still looks pretty good, it' just intraday the spike in price is not seeing confirmation, therefore looking frothy.
For the time being, if this signal plays out and we see some more consolidation, it's simply an intraday signal, but we will want to watch if divergences continue through longer timeframes as that will be important information for positioning.
DIA 2 min not confirming this area I'd call, "Frothy"
ES 1 min not confirming either.
QQQ 2 min not confirming and this has been strong all day.
SPY also not confirming, so far all on short term timeframes and intraday signals only.
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