Market/Charts Update

Since the early negative tone in this morning's, Early Indications post, things have only gotten worse.

Remember, the The Week Ahead post was looking for/ expecting "EARLY" strength this week as in Monday, but the rest of the week, was/is looking for weakness in the market. So far we are right on the early part, now I'm wondering if we are not already moving to the later, "Weakness". Again it could be the lack of confirmation from the Troika on the BBC report, but it also could be as I said earlier, there was very little danger in an early gap fill this morning as long as the EuroGroup was meeting whatever the outcome might be.

Charts are moving fast so some of these intraday charts may look slightly different, they are 1 min charts and it does take some time to capture and post them.

 SPY intraday is seeing an increased leading negative divergence. Since this capture, it's even worse and price is following it.

 The SPY 3 min chart hasn't confirmed any of the recent price strength which is what I have been warning about and why I wouldn't trust this market at all on these upside moves, they can end very suddenly and very ugly with no support.

 SPY 5 min showing the same lack of 3C support for any recent upside.

 Intraday 1 min the QQQ also started leading negative, price is following the divergence.

 The divergence from the 1 min QQQ chart has strengthened and migrated over to the next longest timeframe, 2 min.

 The intraday 1 min IWM has stayed in line thus far, but that's in line with recent price deterioration as well.

Index Futures...

 ES's intraday chart deteriorated badly to a leading negative divergence like SPY, it's even worse since this capture.

The same with NQ/NDX futures, again it's even worse since this capture.

 While R2K futures are in leading negative position, like IWM, they don't look quite as bad,  however, they have the worst charts going through multiple / longer timeframes.

 TF 3 min

 TF 7 min

 TF 30 min

As for intraday internals, the NYSE TICK which was deteriorating in "Early Indications" this morning look worse...

 The NYSE intraday TICK which look worse since this capture and our custom TICK indicator...

Note Friday afternoon deterioration in to late Friday afternoon improvement on the SPY/QQQ/IWM positive closing divergences and in to today, but since , internals here too show a trend of deterioration (car right).

 HYG as I showed earlier was no where near confirmation, the intraday (zoomed in) chart shows it getting even worse with a stronger leading negative divergence. This is the market manipulation support asset that helped the market last week, it's failing as the support for HYG was never very strong.

 HYG 1 min intraday leading negative today.

HYG 2 min showing the confirmation/support for the market last week as the 2 min 3C chart remained in line, not very strong, but enough to get the job done, now that 3C support is failing.

More to come...