No Surprises

Fade to the gap, not a big surprise, it didn't look like we were quite there yet, but there's not a whole lot to this area, I'll show you (don't forget about last night's HYG post as it has been the legs under the market and its losing its own).

These charts are a bit old, from at least 30 mins ago, they are power cleaning our buildings for painting and seem to have knocked out service or something else, but I had to grab my "To Go" bag and relocate to service.

 As for the SPY, there was no confirmation of the gap up...

 SPY 1 min

SPY 2 min

We still have a positive divegrence that can move the market, but note that it stops at 2 mins, the bulk of it is through its 2-day duration.

Here's a 3 min chart...

 We aren't even seeing confirmation here much less a positive divegrence on 3 min. Some of you have asked what the other charts look like, there's not much after 2 and 3 min charts, there aren't any surprises in the 10-15 min timeframes, in fact they are still quite negative so you aren't missing any surprises.

 SPY 5 min is in leading negative position, NOTHING HAS CHANGED AT ALL HERE

QQQ-the story is much the same except intraday charts don't even look as good.

 This is the 2 min non confirmation of this morning's gap.

IWM-this is my favorite and why I opened IWM WEEKLY calls and may add April monthlies if we get a good head fake stop run.

Again, 1 min no confirmation for the 3rd day in a row...

 2 min is where our positive divegrence is for the most part.

Take a look at a 5 min chart though, you can see there's NOTHING BEYOND 2-3 MIN CHARTS.
 

Here's a 15 min IWM, leading deeply negative, this is what we see in intermediate and longer timeframes, nothing has changed, still VERY negative as if we are at a transitional area from stage 3 to stage 4, that doesn't mean we have an instant change in trend, look how long these trends take to turn, days, weeks, etc so nothing abnormal here either.