Thursday, May 9, 2013

Market Update

I'll use the SPY as an example for the intraday update as all of the averages look the same here except the QQQ, which has a 2 min chart that is leading negative instead of slightly negative.
 SPY 1 min intraday was in line to the left, a slight leading positive divergence intraday as reported earlier in Index Futures, however...


 The 1 min chart, same as above, zoomed out to the nearby trend shows the SPY is far from a positive position beyond an intraday jiggle here, what may appear to be a positive divergence to some at the green arrow is just inline as you'll notice there's a higher low in price.

The 2 min intraday is slightly lagging/negative so all in all, not a very strong intraday move and the other averages look the same, except the Q's which have a leading negative 2 min chart.

Momentum indicators for the 1 min chart also don't look good.

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