Charts

These are a bit odd as many don't have the normal migration pattern from a 1 min. chart to 2, 3, 5 min, etc.

The market averages.

 SPY2 min, the 1 min is in line as is the 3 min. The 2 min responded to all the previous divergences, but this leading positive this afternoon is by far the biggest on this timeframe for the week.

Since there is so little to no migration, I'd be inclined to dismiss this as an anomaly, but it has shown up on other market averages as well.

SPY 5 min really nothing happening, take a closer look intraday.

A small negative earlier sending price down a little and in line since 12:30 or so.

IWM...

 Again the 1 min chart is unremarkable which is strange as new divergences usually start here.

The 2 min chart gives you a hint of this afternoon's leading positive, but in the concept of migration, the 2 min chart should have a stronger signal than the 3 min chart unless a very rare scenario occurs in which larger accumulation takes place quickly.

 Thus it is strange to see the IWM 5 min chart leading positive like this with the 2 min chart so much weaker.

In any case, this is a difficult divergence to ignore, it should lead to something on the upside, but it's not a very larger base if any base at all really so it may be a flashy move, strong, but also a flash in the pan.

QQQ 1 min this afternoon is unremarkable.

As is the 2 min, you might make a case for a divergence pre-today on these charts, but it wouldn't be very strong.

 However the 3 min chart is showing early signs of the same leading positive afternoon divergence SPY and IWM have in place.

Strangle Index futures look quite a bt different. The 1 min intraday charts will not hold up over the weekend, the 5 min charts should, but there's a lot of difference between these and the averages which is difficult to reconcile.

ES/SPX futures 1 min has a slight intraday negative as if it will come down a bit shortly

 ES 5 min has a leading negative divegrence in place, this will hold over the weekend.

NQ / NASDAQ 100 futures 1 min are negative in the afternoon  and appear right now as if price is going to respond to the intraday distribution with a downside move.

The 5 min NQ chart is even more negative than ES, which makes no sense vs the QQQ 3 min unless the QQQ divergence is just so new it hasn't registered here yet.

IWM 1 min is perfectly in line intraday, no divergence

While the 5 min is leading negative , not badly, but much different than the IWM 5 min chart.

I'm going to look at some other assets.

The worst that would happen in my view (which would actually be a bit of a market gift ) is a bounce as we have been talking about since Tuesday, with other charts so deteriorated, selling/shorting in to higher prices should be emotionally easy and give us excellent entries/trade set ups.