Charts

Volume still hasn't been impressive, only the SPY really shows any notable spike on the actual break, so they may look for it or that may be all there is. In any case, the divergences I mentioned earlier that we'd need to see to confirm a head fake (and on that I would increase my long positioning as the reversal would be very close and prices wouldn't get much better) are developing now, they start from the 1 min and move out.

 The SPY was the only average that didn't confirm this morning, it stayed nearly perfectly in line with price on the move down which means it wasn't in a leading negative divergence (heavy distribution), more just the intraday chart in line with the intraday move. We have seen the 1 min chart this week act as an intraday only indicator in some averages whereas others it has been a more important divergence indicator.

 For instance it seems to be acting that way with the SPY as the 2 min chart has several positive divergences on the way down.

 DIA 5 min simply shows the range, the break above and below the range today (Crazy Ivan( and no damage at all.

 The 1 min chart did put in a small intraday negative at the morning highs then was in line and since has gone leading positive

 The IWM was also in line on the move down and positive since. While the IWM did not break the lows of its wider range, it did break under local support.

 IWM 2 min also from in line to a leading positive

QQQ 1 min from in line to the start of a leading positive

 The 2 min like the SPY shows several areas of positive divergences on the move down, if I remember correctly it was the QQQ/SPY that were seeing the 1 min chart act as an intraday only indicator earlier in the week.

ES has stayed positive throughout and leading positive.

If the divergences really stand out as they continue to develop, I'll add to the long positions, almost all of which are already filled out to the speculative size I intended originally last Friday.