Monday, September 17, 2012

Opening Indications

There's some short term positives on the charts, for the most part these were formed during the later part of the afternoon Friday when it looked like they'd try to move the market higher in to the close and after the divergences (short term charts) were formed, the market was hit with the U.S. downgrade, apparently crushing the hope of a strong close Friday. Most divergences are simply left over from Friday afternoon.

 DIA with a 1 min positive divergence, most left over from Friday and in line currently.

 DIA 2 min has a slight relative positive divergence in the position 3C is in now, but it hasn't made a definitive turn up yet so this could simply be catching the chart at a "transitory" moment.

 IWM 1 min was positive already in to Friday's close, it is one of the exceptions that has added a bit to the 1 min chart on the positive side.

 No strength beyond 1 min as the 2 min chart continues the negative action seen Friday.

 QQQ 1 min with a left over positive divergence from Friday.

 QQQ 2 min isn't seeing any of that positive positioning migrate.

 SPY 1 min also positive here, but largely as a function of what was already developed from Friday afternoon.

The 2 min SPY chart is pretty much in line with price, (price / trend confirmation).

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