Market Update-Stall

Looking around at the market intraday it seems like it's trying to be held here at almost a stall or what could look a lot more like a traditional reversal process, rather than the very rare "V" shaped move / bottom that got this entire move going.

I don't have any doubts about short positions here and will continue to hold them, but there seems to be a very obvious effort to stall price right at this area intraday.

for instance, intraday...

 on a 1 min or 2 min (or 3 min) chart, the intraday chart is nearly perfectly in line, this is normally confirmation of price movement, but there's very little, the point is, other than the 10 a.m. low positive intraday divegrence, nothing much has happened since, while the higher probability and much stronger underlying flow of funds is showing a clear negative divegrence which is the highest near term probability and why I'm not concerned about short positions and would enter them here if I didn't have them...

SPY 10 min (and you saw the other charts this morning both ETFs of the averages and Index futures.

One of the places this apparent effort to stall prices in the area , almost as if it were an op-ex pin is in HYG.

 It's not the 3C divergences in HYG that move price, it's HYG's price itself that leads price (in blue vs SPX in green), in this case it's leading price negative and many other leading indicators look the same...

For example, 5 year yields which we have used as a leading indicator as they tend to pull prices toward them like HYG and it looks very similar to HYG, there are many others.

HYG intraday is leading negative as well as it lost ground on the open as the 3C divergences from last week suggested, it didn't see the 10 a.m. accumulation/gap fill that most of the other averages saw and thus is still in an intraday leading negative position, but it looks like someone is trying to lift it here short term... if I had to guess I'd say in to Wednesday's F_O_M_C, but that's just a guess as it's the largest catalytic event for the week.

 HYG's 1 min intraday 3C chart today leading positive as if someone's trying to lift HYG.

This goes out to 3 min charts, then HYG falls off sharply.

For instance at a 5 min chart both leading negative on this move since mid-October and a larger relative negative since the early October area.

 Or the leading negative 15 min chart, similar to many of the averages and as you saw this morning, Index futures.

Even indicators like the NYSE TICK are almost totally random, there's no trend here at all, as if price is just stalled here and by the looks of intraday HYG charts, it looks like that's the way someone is trying to keep it, I won't speculate as to why.

The one intraday chart that is not showing this kind of behavior as others are like QQQ and IWM as well

 QQQ intraday2 min almost perfectly in line

IWM intraday 2 min perfectly in line.

However the large caps look a lot different.

DIA 2 min intraday.

My first thought would be a reversal process as is the norm...

The normal reversal process, rounding top / Igloo with Chimney, however that too is just a guess at this point as it may be F_O_M_C related or any number of other things or just random, although the HYG intraday divergence doesn't seem random.

In any case, this doesn't change any of my positioning, just explains the flat, stalled trade for now.