Wednesday, October 3, 2012

Market looks to be finding some support

As the IWM and DIA are both around their close from yesterday, there are some initial or possible signs of support, they aren't impressive or even worth capturing the charts for the averages, but ES does look a little interesting, the NASDAQ Futures less so at this point.

Remember though, not every decline is bearish and not every advance is bullish, there's often underlying trade that you'd never know about if we didn't have the tools to unveil some of it.

ES-S&P E-mini futures
 The 1 min chart has a bit of a leading divergence, this may just be a reaction to several averages hitting support levels where they often linger for a bit, but as the small divergence earlier today turned in to something later, we want to keep an eye on all of this.

 ES 5 min chart is still negative at today's highs.

 NQ-NASDAQ E-mini futures were negative at the intraday highs and are a bit less negative than in line right now.

NQ 5 min chart, negative at the intraday highs today.

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