SPY Update-DAX flash crash-Futures

DAX futures saw some interesting downside volatility just a bit ago, this is a bit annoying as the A.M. Update dealt with Germany specifically, German Bunds and the overall contradiction or as I explained it earlier in reference to the A.M. Update, the land of 1+1=3 and how that won't fly for long.

I can't sum up the A.M. Update, but suffice it to say, as of when I started writing it, the ECB who left rates unchanged today is only a few weeks in to their QE program as German Bunds are a mere 14 bps away from a negative yield while the periphery sees yields jump, like Greece who saw the  largest pop in yields this morning in over 2 years as the default prospects loom large. This has many aspects, not the least of which is what this means to the ECB's QE program with German Bunds 14 basis points away from a negative yield as the PIIGGS (generally speaking) are seeing yields sore due to sovereign risk.

In any case, I'll get to that, I just wish I had it out before this post, before the DAX's near flash crash this morning and what's happening in the overall market and the 3 main areas I've been monitoring for signals, the last holdout of one of the main areas were the signals on 15 min charts which have all gone from positive on April 2nd to negative and this was the specific timeframe or line in the sand that I'm watching.

As mentioned last night/yesterday, the 1 min charts of the averages looked like they'd see upside today as well as the closing hammers in the major averages yesterday (short term support) in the area we'd expect to see a reversal process anyway.

 1 min charts like IWM are in line with last night's assessment of the averages with nothing, no support after 1 min charts such as IWM 2 min below... the implication being the reversal process needs to essentially turn laterally, although I didn't want to rule out some minor upside gains such as the IWM so far today, but the overall weakness just behind those very short term 1 min charts as Leading Indicators show the same thing, posted clearly in last night's Wrap.

 IWM 2 min not even close to confirmation and leading negative and it just keeps going like that or worse in to longer timeframes.

As mentioned, this is across all of the averages...

 SPY 2 min for example.

However for my larger pin-point the pivot purposes, the SPY 15 min chart HAS to turn negative.

As such, this morning's signals and early this afternoon thus far...

Show SPY 15 min in line as it should have been since the April 2nd triangle /breakout forecast, however today the chart is for the first time since the April 2nd forecast in position to start a leading negative divergence as it is not confirming.

If you caught the gist of last night's Daily Wrap, it was that leading indicators very short term (as in a day or less) were in line with the closing Hammers in the averages and the 1 min charts suggesting some strength today, while the larger price pattern should form a range/reversal process over the next day or so with op-ex this Friday, BUT THE LARGER SIGNALS THAT MEANT THE MOST TO PINPOINTING THE PIVOT/REVERSAL HAVE ALL DETERIORATED AS WE WERE EXPECTING.

Now it seems the long awaited SPY 15 min chart may be about to join them as it sits in a negative divergence at the moment. I'll be more comfortable calling it when it is leading negative, which may not be far away.