Quick Market Update

I'm going to go with, "Price is deceiving". There are a number of other oddities I'll cover in a deeper update, but for now I want to get this information out.

The Price weakness seems very much in line with the last update, but there are some things that have changed, at least for the near term or intraday trade. Remember yesterday I said I thought traders would be whipsawed all around and out of positions.

This move down looks like an early ploy. In the next update, you'll see more confirming information as to perhaps why or at least that it's a short term manipulation.

The averages...

 NQ has a bigger picture relative negative divergence, but on this move down, 3C hasn't moved lower, so intraday it's still in positive position-intraday. The overall signal on the day is still weakness, but I don't think this move is a solid move down, I think it's a shakeout.

 The same is true of ES.

 The IWM is in trouble , but near term this morning...

 We have a positive intraday divergence in to this decline.

 The QQQ 5 min is also in trouble as we expected and wanted to see, but this a.m.

 it too has an intraday positive divergence.

 The SPY hasn't reached confirmation which would be 3C above the orange trendline, but in to the move down, there's an intraday positive divergence.


Here's today's TICK data, strong on the first 2 minutes of the open and then mediocre at vert best , but we have an improving TICK in to the decline.

So I don't think the market is ready to break yet, but it is shaking traders about.