Market Update

As mentioned in the last price action looks exactly like an options expiration pin.

There's really not much exciting intraday, however the larger picture continues to deteriorate badly, I expect we'll be lower in to early next week.

 The NYSE TICK intraday is a bit strange looking, it's simply sloppy with little trend which should not be a surprise given market price action intraday

 This is the SPY 1 min trend, hitting a new leading low today.

However on an intraday basis (zoomed in)

 Today, to the right of the red box, is near perfectly in line.

 The 2 min SPY trend also has hit a new leading negative low today and intraday...

 it too is perfectly in line.

It's the QQQ that has an odd signal, but inly 1...

 This is the intraday 1 min chart which was in line perfectly earlier today, but has seen a leading positive divergence.

Before we jump to conclusions though, at the next time frame of 2 mins...

We are not only seeing a new leading negative low on the day like the other averages, but...

intraday, nearly perfectly in line so it doesn't look like the 1 min divergence is worth much.

 The bigger picture charts are deteriorating as well such as this QQQ 10 min which just made a new leading negative low today.

This is the IWM 1 min and just for comparison's sake...

Here's the 1 min intraday nearly perfectly in line in green with a slight negative.

The 2 min chart is about to make a new leading low.

The 5 min chart has.

Make no mistake, these are very ugly charts, these are the kind of charts I don't ignore, they are pointing at severe weakness.