ES UPDATE

ES as I posted last night, stayed in a leading negative position throughout yesterday and the night, at 4 p.m. ES was at $106.90, it is now moving below that level.

There were several very small intraday positive divergences and then it went negative on an intraday basis and is now just off the overnight lows.

As I also posted last night, the CONTEXT ES model was and is still showing ES extremely overvalued vs the model, both of which are now moving lower, but still with a large divergence between the model and actual ES.

This was already quite large yesterday morning, there's not enough history to giv you perspective about how far off ES was from the model seen at the far left, but as you can see, the disconnect between the two grew even larger in to the EU parabolic move up and then back down as shown earlier today. From that point, ES has started trending down, but still significantly rich compared to the CONTEXT model. This all fits with the 3C readings in ES both yesterday and overnight.