The EUR/USD positive that I posted first thing today is positive, but on a very small scale, intraday and that's what I figured would give us the typical morning reversal/bounce off the overnight drift lower, then the opening indications for the averages didn't look so hot, but as I was collecting the charts for this post, at least the 1 min charts in the SPY and DIA started to show more positive activity, at least in the intraday 1 min timeframe, which looks a lot like a gap fill the way things sit now, beyond that though and there's not much for the bulls to celebrate. I'll use the SPY as a larger example as almost every average looks exactly the same, and then I'll show you a chart from each of the other 3 majors just to show you they look the same.
Bottom line, a bounce/Gap fill/ etc. looks likely, the near term charts though are really starting to deteriorate with more momentum like the mid-term charts last week and Friday's seemingly strong market, really wasn't.
The 1 min positive building since the last post, almost right after...
The 2 min chart showing a leading negative at Friday's highs, there's no strength here at all as of now, so I'd guess gap fill? Unless the 1 min chart can lend some strength to the 2 min or beyond, but we are still talking very weak charts in the easiest timeframe for them to build some strength.
3 min positive Thursday (reason we went long QQQ weekly calls expiring the next day) and a leading negative divergence in to Friday's price strength.
And right on down the line to the 5 min chart, which looks worse zoomed out to the trend (below)...
5 min chart since the accumulation for Trend # 1.
As for a few examples of a few different timeframes on the other major averages...
DIA leading negative Friday 3 min
QQQ leading negative Friday 2 min-glad we went with the 1 day expiration rather than something longer.
IWM 5 min leading negative, this isn't a good sign for the timeframe, but especially for the average-the Russell 2000.
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