Market Update

So far the a.m. update is looking pretty weak in underlying trade, but this isn't surprising as I was expecting noise in the form of a gap in to Friday's range. The 5 min NQ and TF charts look like they can do it, the ES chart though is leading negative so it's a bit of a question, perhaps on a F_E_D knee jerk move.

So far....

 IWM intraday 1 min is starting to come undone, it never confirmed truly as it is in a relative negative divegrence.

The 2 min so far is in line

The 3 min may pivot down here and create a negative or it may follow the 2 min and move higher and in line, I suppose it depends on how much the 1 min chart changes.

QQQ 1 min looks weak on the open and about ready to test some lower prices.

The 2 min is clearly already leading negative

As is the 3 min

And I suspect the 5 min 3C chart will pivot down and put it leading negative as well, actually it already is, just solidify the signal.

This is more in line with the kind of "Noise" I was talking about last week, perhaps Friday's gap filled, but obvious underlying weakness, thus noise.

SPY 1 min is leading negative with no confirmation

As is the 2 min

 And out to the 5 min chart.

This is what I mentioned, TF and to a lesser degree, NQ's 5 min (short term trade) charts are leading positive...

 TF 5 min, not a huge signal, but about right for today and maybe part of tomorrow if they hold up, however...

ES is leading negative.

 The MSI barely moved this morning, nothing special which can be seen in TICK which hasn't done much above or below +/- 750

That's why I created this Custom SPY/TICK indicator to track the trend which should be obvious from yesterday afternoon to today. There certainly won't be any improvements in market breadth at this pace and I never suspected there would be, as I said, "Noise", perhaps useful, but noise.