As I mentioned when referencing the 1 min positive, "It can fall apart just as quick as it went up". The QQQ 1 min is holding on, the IWM has fallen apart, the DIA is in line and deteriorating.
However lets look at multiple timeframes.
The SPY 1 min positive doesn't look so impressive anymore as it reached the gap fill.
The 2 min is starting to see a little migration from the 1 min, although it never really was that impressive.
The 3 min looked impressive for a short time, not so much anymore.
Here's where it is interesting, the SPY 5 min chart shows a clear positive divergence, being the 3 min hasn't seen significant damage the 5 min wouldn't be effected yet, but on the other side of the 5 min chart...
The 10 min looks decent, but not like the 5 min, it didn't migrate a strongly to this chart.
At 15 min, it didn't migrate at all, this is largely what I pointed out earlier, the divergence's amplitude looked impressive, the amount of time it formed was quite short, you can only accumulate so much in a short period.
I'll continue to update as it develops and get the risk asset layout posted, there's not too much there that is impressive, that leads me to believe thus far we are looking pretty much at a gap fill.
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