Market Update

This looks pretty simple thus far, considering where the leading indicators/levers are at in the process, the market averages make sense and there's still very much a roof of probabilities on top of this move.

As for the intraday charts, all of the averages look roughly the same as the SPY 1 min above, a little deterioration, but still has more on the upside as do leading indicators.

The same essentially with the IWM 2 min, yesterday's head fake or Crazy Ivan shakeout divergence was pretty clear as the lowest low intraday for 2015, the positives on that head fake/Crazy Ivan shakeout. We'll watch for these charts to give way first, but it's not an event, it's a process.

 And the divergences in all of the averages went out to the 3 min chart, after that, NOTHING.

So...

Looking at a 5 min chart and a much stronger base at the 14th-16th, you can see how the negative divegrence now is much worse than even back then, also note the rounding top or reversal process, not a "V" shaped event, so I'd be a little patient, let the market tell you as it will, as it did yesterday.

This 5 min chart is the weakest of roofs on top of this move, there are much stronger ones...