Here I am, constantly preaching the virtues of always checking multiple time-frame when formulating your market or individual stock analysis, yet I should have looked at the shorter frames before that last 60 minute scenario update.  As these 5 minute charts of the SPY & QQQ show, prices are in a well defined short-term uptrend which will remain intact until prices break below these uptrend lines.  With both the SPY & QQQ being slightly below some decent resistance levels on these frames (support and resistance often act like magnets once prices get close enough), a very likely scenario would be to see prices go onto to make another intraday high, which would put in place negative divergences on this time frame, and then turning down near these resistance levels and going on to break below the uptrend lines and continuing lower.

FYI- Such short-term charts typically do not concern longer-term or less active swing traders and as such, are categorized under “Intraday Market Analysis”.  For those receiving email post notifications that do not wish to receive such posts, you can deselect this (or any other) category by using the “Change your settings or unsubscribe” link included at the top of every email post notification received.