You may recall from yesterday we went from a pretty ugly open to what I thought very early on was going to be a bounce which was entirely based on intraday signals and a rather small base (intraday again), then toward the end of the day there was hints of that divergence starting to turn negative on the 1 min intraday charts of several assets (the place ALL new divergences would start).
This morning's open has broad 3C confirmation, but in a few assets like the DIA, that process I mentioned yesterday has matured a bit. The bounce off yesterday's afternoon positive divergences will end as I said yesterday, when the intraday charts from 1 min, 2 , 3 min , etc all start turning negative again. I have many more assets to look at, but for now this is the open and confirmation and where there's some movement.
Bernie is set to testify at 10:30 today, but those prepared remarks have already been released, it will be the Q&A portion that will be where any fireworks are if there are any.
As always, "Beware the F_E_D knee jerk reaction", just because it is so powerful and so often wrong.
DIA 1 min opening confirmation of the gap and price since, but...
The 2 min chart is clearly seeing that negative progression or migration I mentioned yesterday, I don't think we were as far as a 2 min chart in any of the averages late yesterday, but the first 1 min negative showed up around 3:30 and yesterday the divergences took 60 minutes to migrate from one timeframe to the next.
IWM in perfect 3C opening confirmation.
QQQ with pretty good opening confirmation, which just means 3C is confirming price.
The QQQ 2 min shows official confirmation, but this morning's 3C higher high looks a bit lower than it should, still these are intraday timeframes, but it is where new moves start,
The SPY is in confirmation,
Off to check some other assets.
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