This doesn't change anything about what I want to see before feeling the reversal process and/or head fake is complete. Specifically, the 10 min charts I said I want to see deteriorated last Friday and this morning.
However as you have already seen with the intraday NYSE TICK, the market is at a virtual standstill in terms of breadth when in any sort of a healthy market it would be pegging +1500 or more on the NYSE TICK right now.
An additional obvious attempt to either hold what the market has gained today or perhaps try to build on it is the old first line of market manipulation defense., High Yield Corp. Credit.
This is HYG falling apart today since Friday, it's pro risk off. However as I have posted a lot recently for new members.
when trying to boost the market or hold it in place as we saw Friday (which was given up today), one of the first places to look is HYG.
This intraday price chart may not look like much, but the intent is there...
You can see it on this 1 min 3C chart and toward the EOD which makes me think they are trying to hold the close, but with TICK looking the way it does, this market has no strength even at a head fake move (officially crossing resistance which should have created enough short term momentum on its own).
No, rather they are turning to HYG in a bid to hold things together.
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