Early Update

So far the 1 min charts I was looking for to respond beyond "in line" status yesterday, which did so at the afternoon lows with a positive divergence, ar in line and confirming price action thus far. We have 5 min charts in all of the major averages still holding the 5 min positive divergence that started Tuesday and ran through yesterday, thus the reason I still believe a bounce near term is the most probable outcome. However don't forget that this is near term or short term trade only.

Here are the charts so far this morning (The scaling may look a little different, but it's the exact same signals. I'm re-installing my minute data on the platform I usually use due to a loss of some data from yesterday)...

 SPY 1 min went from inline to leading positive yesterday after the break below intraday lows, you might recall yesterday I wondered earlier in the day if the a.m. lows would have to be taken out first before we get a bounce (a mini shake-out/head fake).

The QQQ shows the same thing on the 1 min

As does the IWM.

So far we have good confirmation of intraday price action.

The case for a bounce is on the longer term 5 min charts (stronger underlying flow of funds)...

 SPY 5 min

QQQ 5 min

IWM 5 min

As you can see, all are pointing to a positive divergence with enough gas in the tank for our oversold (market breadth- not indicator based) bounce.

The NYSE TICK data which was hitting some extreme levels greater than -1250 yesterday, recovered at the afternoon lows with a more positive breadth bias and so far this morning has stayed in a rather tight range around +500/-750.

So far so good.