We have a little bounce in the market right now, this looks to be nothing more than an intraday correction, but specifically triggered off a short term head fake move as the averages crossed below support of the 4/15 lows, essentially drawing in new shorts who are being squeezed right now.
There's 1 min intraday confirmation of the divergence, but it doesn't moves past that so it's nothing I would trade.
The SPY 1 min chart shows a relative and slight intraday leading positive divergence as those lows were broken, so it's essentially a small head fake move.
Here's the run below support drawing in new shorts and they are being squeezed intraday right now.
However what we do want to start watching for is some lateral trade in the area and building positive divergences in the area as we are now in the area of the "W" and it did what I mentioned in an earlier post and ran below support on a head fake move.
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