Continuing Indications

This was mentioned several times in connection with the QQQ's range which is one of the last that has not been taken care of, which is why I believe this entire shift since last Tuesday took place, initially the IWM was the most obvious area to see a run through the stops, now the QQQ is pretty much the last holdout.

I talked about it in last night's market wrap post, mentioning the 1 min positives that could be there for exactly this reason...

"However there are a few charts that have 1 min positives, it's not much and it may be nothing, but it may be enough to move the market a bit more and clean up the QQQ breakout that is a bit ambiguous right now."

This is the area I'm talking about and it looks like early on, the market (specifically the Q's which are leading the 4 major averages easily at this moment) is moving toward that area.

 QQQ range/resistance area, there are bound to be a lot of BTC and Limit orders there as well as orders placed on a break above that level so just as the very visible IWM range was a magnet for prices, so too is this QQQ resistance area, although nowhere near as big as the IWM range.

As for the 1 min positive divergences in to the closing trade yesterday, any new move, even if it is just a small intraday move, will show up on the fastest charts first  (1 min.) and we saw that as I said above yesterday. Here's what those divergences look like as of a few minutes ago, all are developing, some that weren't there yesterday are there now and at least 1 average has seen this divergence migrate across a couple of longer timeframes, so as I said last night and in pre-market futures and early opening indications this morning, it does appear this is an important area and this could be part of the F_O_M_C knee-jerk reaction which was not well- defined yesterday. That reaction could be better defined today and it could reverse today (an early move up followed by a downside reversal would be perfect) as the September QE3 announcement saw a 1.5 day knee jerk reaction, first on the 13th and then half of the 14th before losing all momentum and that was the end of that knee-jerk move- 1.5 days.

 DIA 1 min adding to the positive divergence this a.m.

 DIA 2 min leading and almost all of it is from today alone. This looks impressive, but remember it's only a 2 min. chart.

 IWM 1 min holding together

 IWM 2 min like the DIA above with a 2 min leading almost entirely created today.

 IWM 3 min leading (this is the average with migration I mentioned).

 QQQ 1 min is building the strongest, it also saw the strongest move of all the averages this morning...

SPY 1 min adding to the divergence.