Despite what global markets did overnight, aside from seeing yields fall to record lows in many countries, the risks from overnight action as well as yesterday's closing internals and everything else mentioned yesterday, appear to be on the downside.
ES and NQ Futures especially did not trade well overnight in underlying trade, here are the 5 min charts, positive yesterday morning, but not very strong and now...
ES 5 min negative
NQ 5 min negative
TF 5 min futures are in line.
However these negatives stretch to 15 min charts.
ES 15 min negative as well as NQ, TF is close.
As for all of the movement in precious metals and other dollar denominated assets...
The short term risk is to the upside for the $USD as seen on this positive 15 min chart, although I suspect it needs a little more time until the 5 min chart is also positive.
All in all, it is as I suspected yesterday, it's shaping up to look like an unreliable knee jerk reaction.
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