Friday, May 10, 2013

Market Update- No Surprises

This is exactly what I said was most likely on the open last night in the Daily Wrap, I even posted the chart that made me think that and why it wasn't a threat, check it out-I used the SPY as an example for the market.  So no surprises, also no threat.

 This is the 1 min positive I posted last night and said early strength off this divergence, but..

 There's no confirmation at 3 min so it's not much of a worry, more intraday jiggles thus far.

The bigger concern for longs is the 15 min chart which really means something.

The next charts of the IWM and QQQ show the same short and longer or more important view.

IWM 1 min-already failing from yesterday's late afternoon positive

IWM 10 min

QQQ 1 min already failing

QQQ 10 min leading negative

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