Quick Futures Update

This is NOT an affirmation of taking the trade mentioned as a possibility in the last post, Market Reacts to Suspension of EFSF, this is simply a view of Index Futures, ES/SPX futures specifically.

 ES 3 min positive divergence.

Usually a 5 min chart has to have a divergence in Index futures before I'll even consider a trade in the direction of the divergence.

Above we see the leading negative divergence in ES on the 5 min chart at the red box. You may recall yesterday in the cash market, price reverted down to the 3C 5 min chart's divergence and for a brief period was in line (green box), this is an area where it's more likely that we have a transitional moment such as a bounce from a 1-day oversold condition. Today you can see a small, but real 5 min positive divergence. This is not as strong as I would usually require for a trade and the conditions from the last post which to me would indicate the market is ok with bouncing despite nothing happening re: a Greek rescue until after the referendum on Sunday have not been met as of yet nor would I expect them to be so soon after the move lower, but I thought I'd throw these charts out there, especially as a follow up to price's reversion down to the leading negative divergence and how that can often open up a transitional moment.