Lots of Noise

As is usually the case, the initial knee-jerk (immediate, even sooner than the typical knee jerk trend) has just been a bunch of noise, the TICK chart illustrates this very well.

 NYSE TICK @ +/- 1450 extremes within minutes.

Now...to see where this is going...until then, I'll be patient.

 Intraday DIA is not confirming, this could lead to a pullback and the larger "W" base or this could migrate through longer timeframes and essentially destroy the chart below, sending us lower with no bounce.

The DIA 5 min chart is still in leading positive position, the benefit of the doubt I think has to go to a pullback and larger base, but we'll let the charts tell us, it shouldn't take long.

IWM 1 min went negative just before the mins. actually almost every average did the same.

IWM 5 min still in leading positive position, unless a trend of negative migration develops, I'd still stick with the bounce potential, but I would not buy in to it until/unless we get a pullback to make a larger base with accumulation, otherwise the risk is too great vs the reward.

 QQQ 1 min

QQQ 5 min essentially the same story.

 SPY 1 min

SPY 5 min, again, the same story.