Market Update 1 of 2

I'm going to try to break this up in to bite size pieces so you can get a feel for where we are and where we need to be.

The Index futures 5 min charts look good, but for a base of this size, they need to look great, that's why I'm adding the 7 min charts to the list as minimum divergences for a trade.

 ES 5 min, TF and NQ look the same, this is usually enough, in this case maybe enough for a 2-3 day trade at most, but this base is bigger than that.

NQ 7 min is the best positive divergence we have and it's not that impressive, not next to the F_O_M_C knee jerk move's negative divergence so this needs to be bigger and spread to the ES and TF charts as well. The overall base has a positive at 60 mins so I do think probabilities are very high that this bounces, but the end work needs to be completed.

As for the averages, this is a lot of charts, but gives you a feel for where we are and where we need to be. I think a lot of intraday movement is to stay inside the op-ex max pain pin which I said yesterday, "expect price to stay somewhere near yesterday's range",  for the most part we have seen that.

DIA

 1 min negative intraday, I think this is the op-ex pin, usually lifted around 2 pm

2 min is positive which is good

as is the 3 min

The 5 min needs to be positive.

The basic 60 min trend shows the base, 3 points of contact at the support/base level.

IWM 1 min intraday also negative

2 min neg.

3 min positive on a head fake/ stop run today.

5 min relative positive divergence, the weakest form, this needs to improve.

 The 60 min chart showing the August base/ positive divergence and the current one.

 QQQ 1 min negative, again looks like it's a steering divergence to maintain the op-ex pin.

2 min positive, but could look better, this should be jumping off the chart when it's ready

closer look at the same 2 min chart intraday, again steering divergences.

3 min is a stronger timeframe so it's good to see a positive on a stop run as it shows larger blocks of shares were accumulated.

The same with the 5 min, but it too needs to scream on the chart, we shouldn't have to look for it.

And the 60 min QQQ overall divergence, note the head fake move today below support just as we expected and needed.

SPY 2 min

SPY 3 min , so far so good on the break to lower lows.

Again, the 5 min still needs work

However the longer term 15 min, like the other averages, shows the base with more trend and less noise, it looks like it is going to happen.