Opening Update

All of the market averages are now showing negative intraday divergences mostly in the 1 to 2 min timeframe, it's hard to say right now whether Friday's afternoon intraday negatives that were pointing toward early weakness today were resolved on the gap down or whether this pullback that is getting ready to start is part of that as well and we won't know until we see how 3C and price behave intraday on the pullback, we may know very quickly if there's immediate accumulation, it may take longer if the charts stay in line.

I can say that the charts beyond the short intraday charts still have a strong leaning toward the same bounce that we've been expecting and have seen a little bit of already.

So nothing has changed, it's just more a matter of timing.

For now, get ready for the morning gap fills to lose ground.

I'll post a wider update next.