Market Update

While this is not as important as the broad market update today, I'm looking at the daily chart and the most significant charts for each of the averages today. It "seems" last night's only Dominant Price/Volume Relationship, the IWM, was right on with a forecast of a close lower the next day.

The lack or inability of SPX follow through/volume issues seems to be showing up in NYSE TICK data, hitting -1250 this afternoon much different than the R2K's short squeeze yesterday.

 DIA's reversal process area, the dual "Shooting star-like" candles the last 2 days and today's bearish engulfing on increasing volume is notable, it has been something that's hard to expect, but it's a concept that almost always comes through so despite new record 2014 lows in volume, I'm still looking for this concept to give us a solid signal on timing, today may be very close here.

 60 min DIA is probably one of the most significant timeframes, but...

Very short term the 2 min chart looks like a small bounce which would be very similar to the pivot move I've been looking for for entries.

IWM finally hit was was posted as a reasonable upside target 13 trading days ago now.

The short term 1 min chart has fallen apart badly, this was expected last night from the Dominant Price/Volume relationship in IWM and it's forecast for next day trade.

QQQ and of course volume.

Te 2 min trend is seeing an increased ROC of distribution. AAPL should come in to play in QQQ soon.

 SPY right where our top target was, taking out short stops on the move below the ascending wedge and stops in it right around this level, the Doji stars and bearish engulfing today are interesting, although volume is not getting me too excited about today's candlestick.

SPY 5 min is an important timeframe as far as institutional intraday activitiy so a new leading low is always of interest.