Market Update - Charts

The  market charts and the reason for them made a lot of sense as of the close Friday, some of the assets did what was intended like XLX, some did not like NFLX or as of now, the QQQ.

I can't say for sure, but as I alluded to earlier, the market looks so fractured in these intraday 1-3 minute and some 5 min timeframes because certain assets have done what they needed to do and certain ones haven't.

This latest positive starting on the 1 min timeframe was very obvious in AAPL, like I said last night, the Q's would enjoy any support AAPL can throw their way, but still even as the 1 min is strong, there's NOTHING on AAPL 2 min or 3 min for that matter.

Here are the market averages, the Index futures have positive divergences on all 1 min charts EXCEPT for the R2K (TF), the 5 min charts have leading negative divergences on all Indexes except the QQQ.

At this point I have to just keep watching, but I'm assuming assets like XLF that are going negative (not as negative as I'd like to see) are treading water so to speak until their cousins can catch up, some I doubt will like NFLX, but stranger things have happened.

The other interesting part is SO FAR, most assets have not seen anything beyond 1 min intraday strength.

 DIA in 1-2 minutes are mixed, but there's no trend there, 3 min seems to be closest to a trend and then...

5 min and this is serious damage in a small area.

IWM 1 min is positive, not as positive as it looks, much of that is inline, but a big improvement over earlier action today.

IWM 2 min is really barely positive, this isn't something I'd normally stop for like that AAPL chart, but I have to show you.

 At 5 min where it really starts to get serious beyond intraday action it has turned pretty negative in a short period of time. Although this doesn't have the look at all, often you'll see positives through out the day in a 1 min chart that lifts an average to VWAP intraday and that's where heavy distribution will occur and you'll have a 5 min chart look like that, the intraday charts are just to get the asset in to the selling (or buying ) range.

 QQQ 1 min with Friday's late day strength, there's VERY little here, AAPL seems to be the most bullish thing intraday for the Q's. The best you can say about this chart is that it has managed to stay largely in line.

 QQQ 3 min is large enough from Friday that I'd think it would stand a good chance of filling the gap, there's deterioration now, but it's really not "That bad.

 The sizes and shapes of the reversal processes in the Q's are right, the bottoms are tighter and smaller, the tops are wider and rounder, the 3C signals on this 10 min chart are perfect as well for the price action

SPY 1 min is seeing that positive I mentioned after being distributed at intraday highs earlier.

The 3 min chart though is not seeing any of that strength migrate over (at least not as of yet), in fact it looks worse that it did Friday, significantly.