I'm going to use the QQQ 1 min chart as an example, but so it makes sense I'm going to back it up to different areas this morning so you can see it as it developed, which is harder to do just looking at a current chart and trying to understand what was happening at each point of the day.
QQQ 1 min as of 10:50 this morning, in a positive position suggesting higher prices.
QQQ at 12:50 this afternoon with an intraday 1 min negative, if the 2 min is not negative, most often this results in a consolidation as we see with price moving sideways.
1:30 QQQ is starting to go positive again
This is the 2 min chart at 1:30, leading positive which is the strongest divergence with an intraday relative negative which is the weakest divergence.
SPY 3 min leading positive is the strongest signal here, but there's a relative negative intraday divergence. The chart suggests the SPY will see higher prices, but intraday a pullback is likely.
The same 3 min chart zoomed to intraday readings makes the divergence clear. Thus far we are seeing a sort of consolidation, slight pullback.
DIA2 min with a leading positive which is the most important signal suggesting the DIA moves higher, whether this completes today on an op-ex probable pin or moves in to next week is hard to say, but the probabilities near term are for higher prices.
DIA 3 min leading positive with no intraday negatives, this suggests the intraday negative is very weak.
IWM 1 min intraday negative
3 min leading with an intraday negative
15 min leading-this is a very important timeframe and suggests there are very high probabilities for a significant move higher in coming days.
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