Market Update

 ES is showing a positive divergence as we come up on multiple support levels, however I don't think any bounce at this point is going to hold long.

 As mentioned, the longer term damage is done, the market's are in an area I wouldn't dare be long at this point.

 CONTEXT for ES is way , way below where ES is trading, implying a fair value much lower.


 Relative to the SPX, commodities are holding up better, but I'm not sure where, the PM's Copper and Oil are all down significantly.

 There's a longer term negative divergence in commodities between the two recent bounces, longer term it is even worse.

 $AUD has hit new regional lows, this is a major drag on any market attempt to bounce.

 Longer term, $AUD is near the lows of January, this is why I wouldn't be long anything right now, the market could crack at any moment and a 1.7% decline last time put a month of longs at a loss, this will be a lot worse.

 The Dollar has jumped here, the bounce in the SPX is going against that correlation, so I think this is just the volatility I talked about before. There's no correlation for the market to bounce and with the dollar up like this, it shouldn't be able to hold long.

Sector rotation since last Friday, clearly defensive sectors are coming in to play, Financials is rolling out as is energy, Industrials, Tech looks to be topping.