Index Futures Update

My apologies, it took some effort to get my futures charts up and running, which I actually wanted t use for the Gold /GLD/UGLD update (and will), but I thought the ES (SPX E-Mini) Futures update would be useful in understanding multiple timeframe analysis and multiple timeframe based trends.

Lets start from the view point of our tradable nearest term trend, that would be a bounce on top of what we saw last week, which has fallen apart since Friday for the most part.

 This 60 min chart of ES shows a negative divegrence at the head fake , failed breakout attempt after a large August cycle stage 3 top. The failed breakout led to stage 4 decline and as you can see, the lows we bought last week. This divergence suggests there's still gas in the tank for a move higher, although I still suspect we see lower prices first to strengthen the base, really the same thing I've been forecasting since last week.

If we go to the stronger, longer 4 hour chart, this is a different trend and story.

 Here we can see the distribution leading to the July decline and how much worse the distribution was through the August cycle to the right, so the larger picture beyond the bounce referenced on the chart above this one, is very bearish. The most probable timeline would be the current base gets a bit stronger, bounces and then falls to a new low as seen above.

 The ES 15 min chart shows the positive divegrence at the lows we bought last week as well as the negative divergence from Friday and the reason we sold those longs and entered 3x leveraged shorts for a pullback. This 15 min chart suggests a very strong probability that the anticipated pullback will materialize. 

This is the 5 min chart, it is also the minimum timeframe which must have a divegrence for me to trade and the current negative divergence for a pullback is very visible, this would eventually bleed over to the 15 min chart so if there's improvement in to lower prices, we should see it migrate to the 15 min chart, but for now, it is still suggesting more downside.

Intraday 3C has been confirming price with only a couple of small intraday divergences, one in the morning on the gap up in the cash market sending prices lower, an afternoon positive and slight bounce that is now going negative.

Really this is just about what we've been looking for, I just thought it might be easier to understand in multiple timeframe analysis