Market Update

Today has been a very difficult day, but by judging by the moves so far in the market today, being patient and waiting for confirming evidence has been the right thing to do, it was the right thing to do each and every afternoon last week, yesterday afternoon and all of today and thus far the afternoon trade as well, it makes for a boring day, but at least not a boring day with unnecessary losses as well.

Unless something dramatic changes in the last 30 minutes, this is what we look like thus far, some longer term progress for a bounce, but not the short term progress needed to make investing in a bounce worthwhile at this point.

 DIA 1 min was showing weakness yesterday afternoon and again today in afternoon trade.

The 3 min chart just confirms the above.

Even the 5 min chart which has made progress is showing negative activity in the afternoon.

IWM 1 min is flat to negative in the afternoon trade.

2 min makes it clear it's negative intraday day during the afternoon

QQQ 1  min losing strength in to the afternoon

QQQ 3 min overall stronger, but losing strength this afternoon.

 Even the QQQ 5 min shows a negative afternoon divergence.

QQQ 5 min chart (same as above, but in perspective)

SPY going negative in the afternoon

2 min SPY negative as well

3 min SPY negative

5 min SPY is almost in line, all in all, not worth the risk yet.