Today's move in the SPY is seeing slippage, I'm not convinced it's over, but I do believe there's additional deterioration in underlying trade or what you might call smart money's actions.
Early trade on the 2 min chart on an intraday basis is pretty much confirmation in the morning, in to the afternoon there's deterioration, this is basically what I was expecting and hoping to see yesterday o the late day positive divergences.
The 15 min chart doesn't look like it has added much to yesterday's lows in 3C, but consider where price is now compared to yesterday's close, basic confirmation would have 3C higher, the fact it is right about where it left off yesterday with the SPX up today is in itself deterioration.
As is always the case, new divergences will start on the 1 min timeframe so this is where I want to watch for any changes either positive or negative for the SPY, given the longer timeframes have deteriorated, I'd say the probabilities are for a negative change in character when they are ready.
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