The momentum oscillator gave us a nice entry at the top of this move (red vertical line). I changed my 3/10 macd to color-code the slow-line so that when it is increasing it is colored green and when decreasing it stays magenta (I had it red, but it stands out better this way). This way it's easier for me to trade based on setups previously outlined.While this downside move bottomed-out we got a bullish momentum divergence, as price put in a lower low, the momentum oscillator gave us a higher low (also coincides on the 5-min chart with NYSE TICK from above with the divergence).
Watching the 15-min chart we had a number of divergences. From the opening move there showed a bearish divergence between today's high momentum reading and yesterday's. We had a "Slingshot" setup; a divergence where price puts in a higher low on a lower low in momentum. The upside play didn't result in that big of a move (about $0.40), but it played out nonetheless. Afterwards, a bullish momentum divergence set up late in the afternoon, giving us a move back up to the 20-EMA. I'm currently debating moving over to a 10-min chart instead of the 15 for my three-screen setup, just not sure yet.
The 30-min chart shows an interesting breakdown in momentum starting today. These higher price highs have come about on lower momentum highs. Also, as the momentum lows have been steadily shallower the triangle that this combination has formed (lower highs, higher lows) broke down today. I really am trying to stay impartial and just offer up what I see and any clues that the tape may be offering up. 
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