Market Update

This is going to be verbal as things are changing too fast and it takes too long to capture and upload charts.

The SPY is not confirming on even the fastest intraday timeframe of 1 min, it lost its 2 pm positive 1 min divergence by making a new leading low just before 3 p.m. and as price is in the $163.30 area, 3C is leading negative and near the lowest reaction high of the day, imagine the highs and lows of 3C, the current high in 3C with the SPY is near the lowest high of the day, in other words a leading negative divergence.

These divergences, unlike the futures ones that play-out due to around the clock trade, almost always and quite amazingly play out as well, in this case it would be likely for it to play out in the a.m.

The DIA 1 min chart is in line with price, the 2, 3, 5 min, etc are all negative-mostly leading negative, this seems to be more about the Dow than anything, I have a guess why, but I'll withhold that for a bit.

None of the QQQ timeframes are in line, at 15 min there's a new leading negative divergence, straight down.

None of the IWM timeframes are in line either, the 10 min there is leading negative even more deeply, especially in the area where they really pumped.

I'll bring you more after the close, something is slipping, not sure what yet.