Quick Update

The Pre-Market futures, from currencies to Index futures and the two back to back timeframes looked VERY ugly and after yesterday's horrendous struggle for 0.25%, this market seems very fragile.

However I'm poking around quite a bit this morning as I see an odd signal, every major average looks the exact same, I'll use the Q's as an example.

 The 1 min chart is not confirming the intraday move down, 3C should be where the blue arrow is or below, I suspect I know what it is, but first look at the rest.

Then in all cases the charts following the 1 min like the 2 min above and 3 min below are all in deep leading negative divergences.

These are obviously more important for the day's outcome, but not for nearby action intraday.

see below...

I suspect the damage from the 2 and 3 minute (and longer charts) simply was already there and the 1 min is more in line with what to expect from intraday action, so nearby we should see a bounce at some point and I expect lots of volatility today so that is not inconsistent, but it's not even so much these charts, the pre-market update really shows it, this market really looks to be in trouble here.

I'm going to look at other indications and just try to solidify my theory/thoughts.