Market Update

I'm not sure what's causing the volatility or if it's just normal volatility, I have to take a look at the news and a few leading indicators, in any case, there's quite a bit of volatility as the market retraces a bit, although it is a little early for a full on move higher without the danger of becoming overbought on an intraday basis.

I'll check around after this post,

 DIA all the way out to 3 min is leading negative, this after the DIA/Large Caps seem to have had some initial bullish bias (relative to the other averages)  in underlying activity.

 The 5 min chart really isn't impressive at all, in fact this is the strongest it has been and that isn't saying a lot. Note the DOW is closer than most averages to its Friday highs.

 ES has a leading negative divergence, it's actually much worse right now, below the price lows of the day.

 The IWM which should lead a new push higher showing a 3 min positive divergence that has gone negative recently.

 IWM 5 min looks much worse than the DIA

 NASDAQ futures had the start of a leading negative divergence, it too has grown, but nowhere near as bad as ES.

 QQQ 3 min has gone deeply leading negative intraday here, note QQQ is just above Friday's highs.

 SPY is about half way to Friday's highs

 Interestingly the 3 min negative divergence isn't as bad as others that are at Friday's highs.

 The 5 min chart still is in line on the SPY.

Here's the extent really of the SPY negative divergence.

Now to see what's causing volatility, it may just be price relative to Friday's price.