Market Update

I'd say there's a "likely" counter trend bounce coming toward the close, retail tends to chase the market and a move like this could shake out shorts who entered today.

I'll use the DIA as all of the averages show the same thing, but the DIA shows it the most clearly.

 1 min chart very negative for a move down and building a little intraday base that really has already been fulfilled, but it may just be part of a larger intraday base for an afternoon move.

2 min with a relative positive divergence which is very weak inside a very strong leading negative divergence.

At 5 min there's nothing so this isn't anything really more than noise as far as we are concerned, but it may knock out some new retail shorts.

I'll let you know if I find anything else of note, I don't intend on making any adjustments to current positions based on this.