Opening Indications

This is almost exactly what we were (many of you were writing and what I had said about it, that Dow 17k would be hit for the 3-day weekend and that there was exceptional weakness, as if they had to save everything they had to do it on a low volume day when the markets are easiest to move), the data, beyond 3C is exceptionally weak, much worse than what I anticipated as Dow 17k is hit.

I'm wondering if the Dow can hold it, it doesn't look good.

 Today's TICK hasn't even moved above 500, ULTRA low intraday breadth and equality among advancers and decliners as the range is +/- 500

 This is yesterday's late day intraday 1 min IWM positive divegrence I showed, the move though is very weak, it didn't build a divergnce very big, in fact quite puny.

 Here's the same yesterday afternoon in the SPY, again only a 1 min chart, but take a wider view of the same...

Same SPY 1 min chart in line and very negative at what would be the head fake move anticipated, so far all indications are it is exactly that.

Yesterday's weak DIA positive divegrence on a 1 min chart, weak not only because of the 1 min chart divergence only, but the duration of it, it's like gas in your car, the less accumulation, the less distance the move can travel.

As for the wider view trend...

Just like the SPY.

And the QQQ which did not put in a positive yesterday, it's not confirming anything this morning.

I would not be surprised if the Dow comes back down under 17k, if it does, a failed breakout of 17k may lead to some ugliness in the market, the charts are certainly forecasting that.