What I am looking at.

I meant to get this out on Sunday, but ran out of time.  I wanted to present a few charts that I think demonstrate the CAUTION  at this 1334 level that I think is appropriate.

The 15 minute for the Q's shows significant negative divergence in the MFI, the RSI and the MACD, plus of course the 2 big gap opens,

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The 15 minute SPY shows the same negative divergences and large gap opens.

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The NYAD 10 day SMA is still negative, and is also still Bearish, failing so far to rise above higher horizontal at +120

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This is chart that surprises me...the  negative divergence in the NYUD Advance/Decline volume, which typically, not always, appears prior to decline.

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There is also negative divergence in the McClelland.

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The Confidence indicator has set up a negative divergence similar to what occured in July, 2007
It also occured in 8/2010 and signaled the Fed to initiate QE2.  But what ever it is saying, the one thing that can not be ignored is that it signals a decline in confidence in the largest market, the Bond Market.

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Best To Your Trading!.


Bill