Market Update

I'll use the SPY as an example and add any notes for other averages that are deviating from the example.

Daily-technically today is noise, nothing has occurred today of any signifigance.

 1 min chart looks a bit worse than before, but...

 There's very little real strong migration to the 2 min which has a minor negative divergence, but nothing to really get me thinking an imminent move to the downside is in the works.


 The 5 min chart still holds some power for any additional upside or even consolidation or lateral trade, the 2 min will have to deteriorate more and then we may see deterioration here.

 Other than intraday trade or next day, the 10 min chart is part of that negative, more powerful gravitational force on the downside.

I can jump tight to the 60 min and show the same.

Other averages:

DIA: The DIA still has some of the best longer term underlying positive action of all of the averages, but it is seeing more rapid deterioration on intraday timeframes like 1, 2 & especially 3 min whereas we haven't seen the same in the SPY, although things are starting to move faster now.

QQQ: Deterioration here is worse than the SPY and DIA, it's getting pretty close to an area where I might start to consider adding to shorts like SQQQ or QID, not quite there, but the deterioration is further along.

IWM: The IWM is in a world of its own, I would have no problem starting or adding to an IWM short here, by far the worst looking, there's nothing looking good on the IWM charts even intraday, horrible.