Quick Market Update

I'm going to try to make this quick so I can take a look at several other stocks on the list and more importantly (for the big picture) is to jump to the Leading Indicators Layout and see what's going on there, the only thing is, if there's a high probability trade setting up in any of the stocks left on my list, it can be missed so I'll check those out, bring you anything interesting and then check out the more important leading indicators.

Email responses are pretty much non-existient today, as much as I want to help everyone independently, my first commitment is to the group collectively, if there's an area where it looks like it will slow down, I'll get to emails.

Here are some charts I grabbed quickly, I'd like to see the 2 p.m. SPY Arbitrage, we aren't there yet with the 30 min delay, but there were some intraday 1 min positives that seem to have failed already and in most cases didn't go beyond 1 min, but I want to keep an eye on everything.

 SPY Arbitrage as of 1:45 p.m., 2 p.m. is what I'm interested in

CONTEXT for SPX futures (ES) and the 9:30 open in green, there was a -14 point differential, that has faded a bit in the afternoon to about -10 points.

 DIA 1 min overall intraday is negative, but there's a good example of that positive divergence at 2 p.m., to be fair it is in leading negative position so it would be one of thee weakest positives you can find, but it is intraday trade.

 DIA 5 min, I thought the DIA would be important because of the DOW 15k yesterday, for an institutional timeframe, that's pretty sharp.

 IWM at last check is the only average in the red, it also tends to lead the market, that's a pretty nasty looking chart

 IWM 10 min with a sharp leading negative divergence, these longer timeframes don't often lose this much ground in a day, this is impressive.

QQQ 1 min, not showing the 2 p.m. divergence, nor was the IWM for that matter.

QQQ 2 min, What I'm really trying to show is the specific action of this week since the post from last night showed a very specific, strong move this week, one that looked like total fear or panic.

SPY 1 min has the 2 pm divergence

But not on the next timeframe of 2 min, suggesting it's not that strong.

3 min

The TICK trends and the breaks from the trends, there looks to be a few crazy Ivan shakeouts at least on the TICK.