Major Market Update

I really should save this until the close when all the information is available, but a lot of it is right now. First I'm going to give all 3 trends and use the DIA and IWM as examples, it's not that they aren't in the QQQ or SPY (the Q's are actually one of the strongest examples), it's just redundant. Maybe I'll introduce a sort of "Trend Table" to identify expected trends of different length and size.

Then some intraday Leading Indicators.

DIA 2 min intraday makes this area look very dangerous and susceptible to a break to the downside, which would fit with the short tern trend expectation of a decent pullback.

 The pullback trend is represented here on the DIA chart on the 15 min timeframe (excellent swing timeframe and important as well), you can see the strong positive divergence in to 11/16 and the recent negative divergence suggesting a pretty strong pullback to the downside.


 Overall though that should only be a pullback, not a new downtrend as the 60 min chart which is more powerful than any above has a large positive divergence with no damage, so a pullback and resumption of the uptrend in to the end of the year.

 I'll show the same for the IWM, intraday the 1 min makes this price ledge look very dangerous.

 The 10 min chart representing the start of the uptrend and an expected pullback.

 There are longer charts, but even on a 15 min chart there's a large positive divergence for the larger uptrend with no damage at all in leading positive position, again suggesting any downside is a pullback move only and will see continued upside.

 QQQ 1 min intraday is getting worse in to the close

 QQQ 5 min pullback signal

 SPY 1 min intra day negative

 SPY 10 min pullback divergence

 Intraday leading indicators: Commodities are out of sync with the SPX as a risk asset, they shouldn't be on a truly supported risk on move.

 Yields are pulling at the market to move lower along the lines of a pullback.

 Yields intraday are negative as well, also not confirming any market strength in other risk assets.

 The $AUD intraday is way out of sync, the market typically follows the $AUD.

 $AUD very close up intraday movement isn't event confirmed w/ the SPX.

And the Euro which should be almost exactly in sync with the SPX, it's negatively divergent.