SPY Update

As mentioned in the opening indications post, the SPY is seeing negative divergences at each reaction high this morning which is continuing the range already in place. the NYSE TICK is showing its utility again this morning as the trend from the open has changed.

 There's a broader divergence in play, we often see them  at areas of flat trade or ranges. The Intraday divergences have sent the SPY lower from each attempt thus far this morning, however as a warning (although this has not been nearly as useful as it had been in previous years when day traders dominated before HFTs), always keep an eye out for a break on a defined morning range, we are around the time of day that they usually occur.

 Continuation of the range from Friday.

Again, drawing simple trendlines around the NYSE TICK Index (intraday version, not daily), it gives clear warning of a change of character from early morning trade to a break from that channel. I suspect we will see a new channel form shortly.