Just Wasting Time

Or more commonly known as consolidating yesterday's losses. If there is going to be a bounce, as I said earlier, the market needs more lateral time and it can't do that until it turns down which it's getting ready to do on an intraday basis right now, then we'll find out if there's more to this than just consolidating.

 The trend of the intraday TICK shows the market's slow uptrend this morning is coming to an end as it fails to meet the upper channel. You see that deep TICK reading around 3:00 yesterday, that was a -1700 EXTREME, I'm not sure I've seen many of those so a VERY nasty sell-off, but those often breed these consolidation periods, not what you'd normally expect, but that's what is commonly seen.

 My custom SPY/TICK also shows the changes in trend, but not so much the most recent intraday like above.

As for the averages, there's not much more going on now than my first update this morning, except a likely pullback intraday as I said we should expect as this is not going to build any kind of base that the market can bounce from without a pullback as smart money doesn't chase. We'll likely get some very good information on a pullback, such as, "Is there accumulation for a bounce or are we just consolidating losses (short's gains)?"

 1 min IWM showing a small pullback (intraday) divergence.

As is the 2 min chart, but not nearly enough in place now to get even a decent intraday bounce off the ground.

QQQ 2 min with a slight intraday negative as well.

3 min is in line, this is what I mean by "very little going on".

SPY 1 min had 1 positive, not enough to do much more than it has already done today, the rest is in line.

The same for the 2 min.

So if we are going to get a bounce, there needs to be a bigger divergence than this, if not, then we ought to prepare for a next leg down being we are sitting at the top of a lot of right shoulders.