Market Update

In our first early update, there's a bit of a contradiction...

 The ES 3C 1min chart, which is weighted much more then the corresponding SPY 3C 1 min chart, we can see an overnight positive divergence at the lows that sent ES higher, a negative divergence in premarket sending ES lower and a current leading negative divergence which has bearish implications.

 The SPY 1 min 3C chart has been in line all morning and has posted a very minor leading positive divergence recently.

 The same is visible on the 2 min chart, suggesting some upside intraday.

The 5 min chart is perfectly in line, thus so far capping the extent of the positive divergence to a bounce, but still the ES chart disagrees.

So far credit is largely in line with the markets, it has sold off so there's no major divergence there yet, although credit is lagging the SPY by a little.