Friday, June 21, 2013

Update

I'm just going to flip templates real quick so I thought I'd just quickly show some of the faster moving divergences today in the 4 major averages.

*Notice the market didn't make a higher high until after 3 p.m., this is just something I notice on op-ex Fridays. My broker would always call around 2 p.m. and ask, "What do you want to do with these" and if I didn't do anything, again between 3 and 3:30.

 SPY with a large relative (notice I said large, not long) positive divergence that turned to a leading that is hitting new highs.

 QQQ 5 min also with a large relative positive divergence followed as is usually the case by a leading positive that is just at a new high.

 IWM 10 min with a nice leading positive, it won't be at a new leading high as it's a longer timeframe, the strength is in the timeframe.

DIA 5 min relative to leading positive to an easy new high.

Quiet markets like this always keep me on my toes, although I suspect not too much will happen before the close, I often equate quiet markets with "The kids in the room next door being a little too quiet", You Know They Are Up To Something!

These markets are easy to let your guard down.

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