Quick Market /AAPL Update

I want to just get this out and then I'll follow up with some charts. As I suspected yesterday, if we opened today in a range it would give the averages a chance to continue building off yesterday's underlying strength which was primarily in the QQQ as well as AAPL which are nearly one in the same with AAPL accounting for 20% of the NASDAQ 100's weight.

The SPY and DIA are relatively flat, almost as if they were treading water in the early intraday timeframes (1, 2, 3 min), when they reach 3- 5 minutes they actually are slipping. My general feeling is neither of these are doing much but treading water and any moves in either, would simply be correlation/drafting off a stronger average like the NASDAQ 100.

Unlike the SPY/DIA, the IWM is actually building a bit, but only on 1-2 minute timeframes; like the the DIA/SPY any progress after those timeframes in the 3-5 min range is actually not looking good at all.

The QQQ was showing the most underlying strength yesterday, it has continued today and is building on the positive divergence as I suspected it might if caught in a range this morning, but like all of the other averages, when you get to about 5 mins, all positive momentum stops.

AAPL is seeing some strong underlying action, but just as I mentioned yesterday, the theme of very strong short term timeframes continues to grow, while intermediate timeframes flounder which appears to me to be a quick move to the upside and most probably that move is faded back to the downside.