The early or faster timeframe charts are either slightly biased or pretty mushy, very much like early trade, no clear trend has developed in any kind of convincing manner yet, even the TICK chart is mush. This will change, I'd still go to the longer intraday charts at 3-5 mins in most cases and that means I'd still expect this market to lose some ground in the pullback we anticipated late last week.
For an example of some of the mush, take a look at the Futures...
Any trend in S&P Futures intraday is just indistinguishable at this point.
NASDAQ futures are in line with the NASDAQ price movement, but that's not telling us much either, very luke warm right now, but we are just coming out of the a.m. trade garbage. The signals in early timeframes in AAPL and FAZ continue to look better, they actually are some of the better signals, FAZ better than AAPL at this moment, but I think AAPL will get there after the initial CITI news is worked in.
DIA 2 min is negative here, not anything earth shattering or very exciting, but it's a start and we'll keep an eye on it to build in to a noteworthy signal.
Like I said above, when in doubt, go to the longer timeframes with less noise like the DIA 5 min, there's a clear negative divergence there along the lines of a pullback.
QQQ 1 min is starting to go a bit more negative
The 2 min trend is very clear, it hasn't improved at all this morning so I think it's still very relevant.
And the 5 min trend is there and clear.
SPY 1 min is starting to go negative (the early timeframes usually move first and bleed in to the longer ones).
The 3 min remains in a negative position from last week.
The TICK chart is very mushy here, it is between +500 and -500, there's almost no sentiment there which is surprising, but give it some time.
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