First Look

I said if I was awake I'd look at the EUR/USD and ES Futures...

So, here you go. Whenever looking at either, it's important to keep in mind that we may be going to bed, but there are market moving developments all night so as I always sat-A lot can happen overnight-either way.

Here's the Euro/USd and as I noted, resistance from Friday was nearby, it came in to play. From what I understand, there's a large 1.3900 option barrier on the EUR and orders in the $1.3830-$1.3850 area, where some support kicked in right at $1.3845. Stops are supposed to be around $1.3815 so the first order of business will to be to break this loop in the Euro. At least it didn't shoot up through $1.3900 on the open so I'm taking that as the G20 conference didn't impress thus far...

As for ES...

 Thus far there's a very low volume melt up, despite the Euro, you can see how low the volume is and ES futures are easy to move in a low volume environment. The 1 min 3C has worked well, this as far back as I can go on history, but it shows the melt-up in the wee-hours of Friday, followed by a negative divergence in to Friday's open in New York, and then the same mid day positive divergences seen in the market I showed you Friday that sent the market higher in to the afternoon. Since then, tonight's trade has been in to a 1 min negative divergence, so I'd expect a downside move at some point, the longer the divergence goes on, the bigger the move. In fact, just since capturing these charts, the 1 min ES is now seeing some lateral down-drift.

 This an example chart of the 5 min ES, backed up so you can see some history and how each divergence effected price, the days are at the bottom.

 This is the current 5 min chart with a longer term negative divergence in Blue.

This 15 min hart is negative on a longer relative basis as well as showing smaller local moves. There's also some movement in the 30 min chart for the first time I have seen.

On a longer macro scale, here's the weekly.

Whether it be pullbacks or the bigger view of a bottom and a top, it's pretty hard to argue with the ause and effect of 3C on this weekly hart. What's interesting, is the leading negative divergence over the course of the consolidation of the last 10 weeks. It kind of makes me think about that CCI chart posted over the weekend. That divergence is leading to new lows not seen since 2009!