Market Update and Tech

Last week I said I thought the underlying action in both the QQQ and Tech were weaker than SPY and Financials, I also said that it may sound counter-intuitive, but every time Tech and QQQ were seeing gains, they were being sold in to, today was no exception.

 The late day action is what I'm most interested in. As I posted first thing this morning in "Pre-Market"

"I don't see any strong signs in currencies yet (still) and don't have any reason to believe we see (market) strength immediately... but those 5/15 min positives should kick in early this week for a bounce."

"If the 1 min futures were flying (3C charts) this morning, I'd say we see strength this morning, but they're largely in line, but I do think we see this strength soon, perhaps this afternoon or tomorrow."

So what do we have this afternoon? The best thing about some market movement is it opens up the underling scene a ;lot more and shows what's happening when "A, B or C" occur.

The DIA broke support and it's really right there that it started to solidify some 3C strength.

 The IWM, which I'd love to get a short term position in, shows a relative positive, but all in all, not too exciting.

 The Q's showing that underlying weakness today, although they may not have the largest loss, they seem to have given back or given up the most.

 The SPY once again is performing better than most of the other averages, you may recall that the DIA was a second favorite as far as last week's underlying trade.

 I also mentioned Financials vs. Tech, that's a VERY fast developing 15 min positive in Financials

Tech in the same timeframe looks like a chart in ruins.

However it seems there's some change in character now in Tech.

 The 2 min chart showed strength where I expected it this morning before the open, in the late afternoon.

Even the 5 min chart shows it to the far right.

I can't expect more than this considering where we came from, but this is enough to catch my eye.