ES Update

Something interesting happened right at 2:30 in ES, if you didn't already know that AAPL had broken below yesterday's support and then crossed back above it at 2:30, this may night be as interesting. It seems the market has all of its near term hope pinned on AAPL.

 While 3C still remains locked in a negative divergence (as explained earlier, the only time 3C on ES shows persistent divergences is during bounce attempts that have failed, otherwise it is an excellent intraday movement indicator), ES found a bottom right at 2:30 as AAPL crossed back above yesterday's support.

 ES had a brief struggle at VWAP (this is where institutional orders are targeted for execution). Since the close, ES has gained even more ground.

While we haven't looked at our own version of CONTEXT, the risk asset layout, as mentioned earlier today the underlying credit, rates and fx components that make up the model have been supportive of ES moving higher, as the histogram shows, that has increased throughout the day.

I'll be looking at our own, more detailed risk asset layout shortly.