Market Update

These are the averages as best as I can provide them considering a block of data os still missing from yesterday morning, but for most versions of 3C it is fine, in the very short term enough time has passed to make that data irrelevant and it's just a small glitch in the overall trend, with slightly longer timeframes, the blocks missing are fewer so again it has less effect on the overall indicator as more time passes.

There are some interesting charts in the IWM which is typically considered the average that should lead a rally, however the Russell 3000 has also taken over that role as there are more momentum stocks and stocks with high short interest that momentum players trade long looking for a short squeeze. The NASDAQ overall looks to be the strongest of the averages. So far this morning we are about half way to the lower end of the "Chop" range, even though this range is narrower than I first envisioned, I expected a more volatile range, very sloppy like a child scribbling up and down with a crayon if that mental image registers.

I'll continue to update the general market and other indications such as FX, PMs, Credit, Leading Indicators, etc. so we have our finger on the pulse to get the best idea of where and when it is most ideal to enter positions as we DO NOT want to get caught in the chop machine.

IWM

 IWM 1 min, yesterday's missing data and flat 3C are to the far left, but there's more than enough new data to consider the closing divergence reliable and it has done as it should, but remember this is an intraday 1 min chart, good for these short term moves, but not a high probability indication for much beyond intraday moves unless viewed as a longer 5000 bar trend.

The 3 min IWM shows the same negative divegrence in to the EOD ramp attempt yesterday, you may recall this is where Credit, Sentiment Indicators and Several other indications went south and would not follow the market as per last night's "Wrap" post.

 IWM 5 min with indications of a small positive for an upside bounce to the left, consistent with the size of the move and to the right a negative divegrence that is leading a little more deeply than typical at this time of day.

 I believe Thursday is when chop was hinted at and Friday the first signals came in as you see to the left and it looks like we have a negative divergence on a long enough chart (10 mins) that a move to the bottom of the range would not be surprising at all and would also be consistent with a choppy range.

The IWM 30 min and the entire cycle off the 10/9 lows, yesterday registers as "in line" rather than accumulation which is more confirmation thus far of the choppy nature being the highest probability for now.

The highest probability of this chart overall is quite clear.

QQQ

 The 3 min chart in the Q's shows the positive starting Friday and leading positive currently, even though there's a weaker relative negative divergence (red). This is part of the evidence suggesting the Q's are the strongest of the averages right now, but this also is a 3 min chart, stronger than 1 min intraday, but not a long duration chart.

The 5 min so far has stayed positive, this may be too early to measure, but it does again hint at the Q's  better relative strength.

 QQQ 30 min longer term cycle trend is clear.

SPY

 5 min positive Friday, going in to a negative late yesterday, but still not a horrible short term signal, those are on the longer term charts.

A 10 min chart showing the divergences that have thus far created this choppy lateral environment.

 TICK from yesterday was quite mellow, about +600 to -250, more positive, but pretty close to neutral, today's open shows a -1300 reading, that has improved as the morning has gone on, but one of the stronger TICK registers of the last 2 days.

And my custom TICK/SPY indicator showing TICK clearly down this morning, but looking like a gap fill attempt was likely.