The IWM hasn't made much of a move, considering it was yesterday's biggest loser and that it had the most bullish Price/Volume relationship among the component stocks.
Here's a look at the 3C charts for all the averages thus far, the IWM still looks very good short term, as if it could take off any minute, even today.
I promised a member I'd get a chart of the EUR/USD out, it could be supportive of the market if the positive divergences that are developing can take off to the upside. If I have time I'll look at the single currency EUr and $USD futures to see if they offer any more clues.
DIA 1 min is intraday negative, yesterday's double bottom area near the close has nice accumulation as I pointed out yesterday.
The 2 min chart is leading negative, it seems the DOW which has been the best relative performer the last few days in total, may be losing some of its shine.
That leading negative 2 min chart is starting to migrate to the 3 min timeframe.
The 10 min chart is roughly in line with a slight intraday negative divergence today .
Longer term the 15 min doesn't look good.
The 30 min doesn't look that good either-this is part of the longer term rot.
IWM 1 min looks good, it's in line.
IWM 1 min longer term is leading positive.
IWM 2 min has a very positive demeanor and none of it has been distributed yet.
IWM 5 min also has a positive demeanor.
Even the 15 min is leading positive today, compare to the DIA 15 min.
The longer term "Rot" I've been talking about is very clear here on this 60 min chart, the most important of the timeframes here, a very nasty leading negative divergence.
QQQ 1 min was showing some weakness in the intraday chart earlier, that is looking stronger now, similar to the IWM.
QQQ 2 min is still looking bad as the 1 min chart's negative posture earlier migrated to longer intraday timeframes, but the 1 min positive divergence in place now is so new it hasn't migrated to longer timeframes yet.
QQQ 3 min leading negative
QQQ 5 min leading negative-not as bad as the 3 min though, I assume the 3 min migrated to the 5 min and that's why it doesn't look as bad as the 1 min has halted the negative movement.
QQQ 10 min either positive as of last week or in line at the green arrows.
QQQ 30 min is where the leading negative disposition is seen, this is the longer term rot under the thin shiny veneer or facade.
The SPY 1 min intraday doesn't look very good as it is leading negative as price is range bound. If there's not improvement soon, the SPY stands a good chance of seeing a sudden, sharp intraday break to the down side.
SPY 2 min leading negative-this doesn't help.
SPY 5 min positive at the EOD yesterday and close to in line, but not quite there as it has a negative demeanor.
SPY 30 min is clearly negative.
Still the charts are along the lines of short term positive or at least a few of the averages look like they still are yet to take off-the SPY and DOW look like they have spent some fuel on the upside, the IWM looks like it's just waiting.
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