Opening Indications

You've seen the charts enough times the last day or two that I probably don't even need to post them. The SPY and QQQ have decent 10 min negative divergences that should certainly see them pullback, the DIA is a bit stronger, but opening indications show it may be ready to break in this area. The IWM remains very strong, even though it has a 10 min negative, it's not the size of the others-this is rotation and the kind we haven't seen in a long time. In any case, while I would never play a pullback move based on the IWM alone, taken with all of the averages, I think it's not a bad idea for those who want to trade this market as nimbly as possible and try to squeeze some profit from it each day. That being said, this is certainly counter trend to the move up we have been expecting the last (nearly) 2 weeks so I'd consider playing the pullback speculative and position size/risk management should reflect that in my opinion.

Here are the charts that matter as you've seen the rest many times.

 DIA 1 min has been showing the signal for a pullback, but the DIA has been hanging in there, this morning may have been a tip off.

 A closer look at the same chart on an intraday basis, the DIA makes a little head fake move above resistance and fails on a negative divergence, perhaps it's time for the DIA to crack on a pullback.

 IWM 1 min shows a very small 1 min negative, it's very small as most of the IWM is in line or confirmation.

 This is about as bad as the 10 min chart gets so you can see it looks better than the other averages. We might want to keep this in mind when looking at longs to add in to a pullback.

 QQQ 1 min this morning is in line for the most part, a small negative on the bounce attempt to fill today's gap.

 The 10 min negative divergence here is large enough that I think playing the pullback is worthwhile, but ultimately there's still a lot of strength in the QQQ to move it higher after a pullback.

 SPY 1 min this morning on the gap fill, pretty much in line.

SPY 10 min negative divergence, even here without looking at longer term charts that are stronger for a move up, the 10 min negative is reasonable for a normal pullback.