Market Update

I wanted to give you a visual of what's going on. Yesterday you may recall I said it looked like there was early support to push the market higher, once it hit the level they were looking for price turned sideways and travelled along VWAP and that's where there was distribution, but distribution is not only selling with 3C, short selling is selling as well , it comes across the tape as a sale.

This morning you can see the support thrown in to halt the slide, this is the same "steering divergence " I have mentioned numerous times before and specifically very early this morning (around 2 a.m.).

 SPY yesterday seeing distribution as price meanders sideways and slightly lower, then yesterday's late day sell-off as the pros enter the market and apparently are a bit panicked at the prospect of the market makers/specialists losing control and seeing futures about to or actually breaking under VWAP.

You saw what happened overnight and this morning pre-market and on the open, above you can see another steering divergence, a small positive, but enough to halt the slide for now. The question I have is whether they'll throw enough support in to try to get the SPX to close green for the first time ON THE YEAR?

*The red trendline is yesterday's close.

QQQ seeing the same early support yesterday and then distribution/negative 3C divergence as price travels sideways along VWAP and this morning a relative positive divegrence as the Q's break under yesterday's close, just shortly before, about 10 minutes before the open, THE MARKET WAS SET TO OPEN EXACTLY AT YESTERDAY'S CLOSE UNTIL USD/JPY BROKE DOWN AND TESTED THE CRUCIAL $102 AREA.

 IWM with the same afternoon distribution and this morning's positive divegrence (not accumulation)  to halt the slide lower.

Just so you know, this is AAPL's 5 min chart, it still has a positive divegrence that normally would send it higher, but it seems to be struggling, I don't think it's building a larger divergence, I think it's trying to fire off what it has and not finding it so easy. This is why I didn't take the AAPL trade, it was trading against very strong probabilities. *I'll be watching for any signs that this divegrence is starting to fail, the 1-3 min charts don't look so hot.