Market Update- Filling the Gaps

So far most of the action since yesterday started to turn sour around noon has been simple gap filling, since HFTs have been dominating the market, the days of the VERY useful break-away and exhaustion gaps and any other gap, are long gone. It seems EVERY gap is filled which has always been a staple of Technical Analysis, but they weren't filled so ruthlessly and there were break-away and exhaustion gaps that lasted a long time.

Here's the update for the market averages, I'll cover the futures in a different post.

 DIA 1 min with the gap from yesterday's open, the mostly negative action in the afternoon yesterday as well as a head fake move on the closing ramp to VWAP and now a relative positive divergence, DIA still has more to go to fill the gap.

 DIA 2 min from Monday afternoon's positive, the gap up Tuesday a.m. and the largely negative action yesterday afternoon and a relative positive divergence which is the weakest divergence.

 DIA 5 min, all the same themes as above with a current relative divergence. I'd guess as the DIA fills the gap the divergence will start to look better, maybe start leading.

 DIA  10 mins is where the divergences )positive) stop and it looks like the DIA has more downside to fill the gap with a slight leading negative.

 IWM 1 min leading positive

 IWM 2 min leading positive

 IWM 3 min leading positive

 IWM 5 min leading positive.

 At 10 min the divergences in IWM stop and it is in line.

 QQQ 2 min strong relative positive

 QQQ 3 min a relative positive inside a larger leading negative from yesterday.

 QQQ 5 min also a relative positive inside a larger leading negative from yesterday.

 QQQ 10 min is where positive divergences stop and you can see QQQ has some more work to do to fill the gap.

 SPY Arbitrage is seeing progressively higher positive arbitrage readings this morning, I need to check the assets (HYG, TLT and VXX ) to see what's really going on with the arbitrage moving positive.

 SPY 1 min with the gap filled and a relative positive divergence

 2 min relative positive

 3 min relative positive

 at 5 min al positives stop, the earlier positives are weak as well all being relative positives.

There's a slight positive tone to the TICK as you can see in the TICK/SPY trend and the Custom TICK histogram.

So far with a.m. trade and the gap, I'm not too concerned with the action.