While the theme of the day has continued, there are some very minor changes on 1 min charts, I don't know if they are anything even significant. If they were significant, I'd guess they'd only be significant on a gap fill of the major averages today, meaning perhaps some accumulation in to a gap fill. However that still leaves us with the 3 and 5 min charts which have deteriorated all day and migrated to longer timeframes such as 5 min.
Many of the stocks that are in my watchlist to short on a bounce are acting the same way as the broad market.
Again, these 1 min charts may have no real value at all or perhaps they may be trying to get the averages together short term for either a gap fill or another gap tomorrow morning, but
make no mistake, the trend today has been to sell/short price strength and it is eating away at last week's positive divegrence that was the catalyst behind today's move up.
5 min leading negative now nearly leading to a new low on the chart, this is a lot of damage done today.
The 3 min chart also showing the same.
However very recently...
1 min for the other averages and a 2 min for the SPY show a small positive divegrence which may be several things, but it doesn't hold a candle right now to the overall deterioration taking place at a very rapid pace.
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