Market Update

I know it doesn't look like it, but the market is struggling here.

There's a disconnect between the SPX and the NASDAQ as I pointed out, AAPL hit resistance in the form of Friday's close, but I think it will still break through, the Q's have some decent intraday positive divergences on some decent timeframes, but that's intraday only, for example...

 When using a 10 min chart on an intraday basis it is tracking divergences that are fairly decent size as you see the negative/top and the positive now that is part of why I think the Q's make a move higher.

However...

If you look at something to close you miss the picture, the same timeframe is leading negative even as the positive divergence above this chart is still there, it's in a leading negative position, this is looking at a much larger and more important picture.

At "A" we have accumulation preceding "Trend #1", this was the fuel for trend 1 and at "B" we have the move that is trend #1 and we can see the fuel has not only been spent, but now it's leading negative.  So yo have to look at both, that's why I love StockFinder as it has a long historical period.

In any case, the SPY intraday is struggling on the indicators, remember this is still early in the day and early trends typically don't hold through the day. I'd think the broader market like the SPX might draft the Q's in any move higher, but as we have seen all of last week, the market is very disconnected now, it sees the averages closing green and red, that typical "The market is either Risk on or Risk off" that we have seen for so many years is not in play lately so it' very possible the Q's can move up as the SPX moves down.

As far as the signals, like I said, the 3C charts for the SPY are struggling with a lot of intraday negatives and longer term negatives as well. The new intraday indicators (which are me really putting them in one place and using some of my more unusual settings) are just losing momentum like the TICK index is just starting to turn, a number of oscillators and some trending momentum indicators are not making higher readings intraday so in a sense they are starting to turn as they must first hit this reading and then move negative.

The Volatility ETFs like VXX and UVXY are putting in positive divergences (just speaking intraday-this is not to deter from longer signals) between opening lows and the most recent lows, which is confirmation as the SPY is putting in negatives between the opening or a.m. highs and recent highs. It's not just the SPY on the other side of the Q's, but it's a good proxy as the other averages like DIA and IWM are showing the same tine, but to different degrees.

Also interesting, I was going to post them , but this post would be way too long; Leading Indicators.

There's a break in High Yield Credit across the board from HY to Corporate to Junk, they were not interested in following the market this morning and early afternoon. Yields are also negative not only locally, but on a much bigger picture, probably as negative as they have been in the last year as far as the bigger picture. The currencies are also in a negative area for the market so there are quite a few developments even as the Dow and SPX are at a rather uneventful +.20% on the day.

We keep watching and looking for new signals, hints and clues as well as where the opportunities are setting up and whether we need to do any hose cleaning on open longs-it's actually quite a bit o if I'm a bit slow on the emails, forgive me.