Quick Market Update

Using the SPY as an example the 1 min chart has a very clear, pretty deep negative divergence, the 2 min isn't so bad, I'm thinking perhaps the SPY pulls back to the 50-bar 5 min moving average as momentum indicators would seem to agree and the real support for the market today, the EUR/USd also looks as if it's about to slip a rung lower.

Using the TBT/TLT metric that was discovered yesterday, I'd say the market isn't done on the upside or at least isn't quite ready to break down (which means lateral chop is the other possibility beyond further upside later today).

The bearish charts found on TLT still exist and are still throwing off the same signal. We're still very much on track with regard to the short term TBT and bigger picture (notice I didn't say "long term") TLT signals.