Market Update

I can't wait to get to yesterday's comments with regard to today, there's just so much to keep track of right now that I don't have time until after the close.

The market truly looks like it's straining to get this move off.

USD/JPY has been trading sideways since the intraday highs at 11:50 a.m.

As for intraday breadth, the TICK as of a few minutes ago...

 Remember yesterday's suspected "toehold" for the market to build something off of to the upside at 2 p.m.?

And this morning's flameout around 10 a.m. with TICK breaking the channel, but never really hitting any extremes, all under +1250 and since...

TICK has turned down (number of NYSE advancing stocks less number of declining stocks), right now TICK is closing in on -1000, intraday market breadth is falling apart on what is clearly a manipulated move as more or less expected from recent comments with the finest point put on it yesterday in the Daily Wrap.

 The 3 min trend of the QQQ is showing an overall distribution process from the April 2 forecasted trend as well as the reversal process and today is looking a lot like the "Chimney" in our "Igloo w/ a Chimney" topping reversal pattern, but what is really strange is the leading divergence to the far right which has no supporting base area or supporting divergence (positive) which was also part of the timely comments from last night as there's 1 goal here only, break above the SPX March trendline, I have no doubt it will be a head fake move/bull trap, but it seems they are having a tough time and that's even with outright manipulation NANEx has documented from the afternoon which makes some sense as to these very strange intraday signals.

Now compare to the IWM intraday chart below which makes a lot of sense...

 A positive at yesterday's 2 pm flameout but it's still small and on a 1 min chart. An additional larger positive with yesterday's at this morning's lows and selling capitulation event intraday which also makes sense and the move up in IWM which is proportional to the divergence since 2 pm yesterday. Since then a negative divegrence has set in and the IWM is losing momentum and turning lateral

In other words, even with all of this odd manipulation, the market is struggling to make a clean break.

 Here's a more contextual view of the intraday IWM 1 min chart seeing distribution in to higher prices.

And even stranger (under normal circumstances-you have to recall we saw this yesterday and very strong),...

VIX Futures continue to be under accumulation today during this breakout attempt which is what we would have expected from a head fake move, protection as it tends to be the last event before a major price reversal, again in this case down.

I'm going to try to get to Leading Indicators.

APPL has FINALLY made the move we had been expecting based on the triangle. Some other assets like NFLX and others on the watchlist look like they are getting ready to make the upside move I'd like to use to let the trade come to us (short), so I suspect this entire episode is not over.

After looking at all of the charts over the past several weeks , today does make sense, even though there are strange circumstances and the market is still struggling even with the "extra" support.

I have virtually no doubt that "if" they can pull this off, it is the head fake move that leads to the primary trend reversal in the market.