Market Update

The intraday charts still don't look very interesting in either the averages or the Index futures except for the DIA. The TICK is also positive. The 2 min charts are positive and clearly accumulated at head fake levels as you'll see with the SPY chart with volume. I think it will likely reverse soon, but not quite there, while progress is still being made as the 2 min charts show.

DIA 1 min is showing a leading positive 1 min divergence.

 

The DIA 2 min chart shows the F_O_M_C move to the upside and then how it was faded as a knee-jerk reaction, this is so very typical.

 The SPY with the F_O_M_C move to the upside, ZERO follow through the next day and distribution on the initial opening gap, then note the volume spike as the bull flag was broken and the 3C positive divergence, this confirms what I've been saying as to why they (Wall St.) need these head fakes, they need the volume and no one ever suspects thre's buying on a stop run BUT ITS ONLY COMMON SENSE, WHO WOULD TAKE THE OTHERSIDE OF THE SELLERS' TRADE?

There's accumulation again as the entirety of the F_O_M_C gains are wiped out.

 QQQ 2 min distribution in to the F_O_M_C rally which we already knew about from the Index futures which are negative out to 60 min charts as the price move went higher.

***Smart money didn't sell in to the move down, they sold in to the move up where there was demand, this is why the market churned sideways after the initial spike, retail demand could never overwhelm institutional supply.

Overall the trend of positive 2 min divergences continues.

This is a good example of a head fake opening gap up that is distributed immediately on the open and down since, however there's some initial improvement here.