Credit Moving Again

Like I said earlier, I would have preferred to see a pullback and see how underlying trade responds, this consolidation in the EUR/USD held up or halted that process.

 The triangle consolidation in the currency pair.

 While I've been looking everywhere for some definitive signals, I came back to credit and although it's an intraday move, I don't like it. Earlier as I mentioned as the market bottomed out, High Yield Corp. Credit held at support from the 25th and didn't make that lower low with the SPX, which was a good sign, at least for confirming timing.

 As the EUR/USD has consolidated in a triangle, the SPX's intraday negative divergence that was leading to a pullback got caught up in the currency pair's price action and has formed a similar triangle at the yellow arrow, while HYC Credit has moved down.

High Yield was the other risk-on Credit I mentioned that rallied as the market slid in to the intraday lows, now as the SPX consolidates laterally, HY Credit is also slipping, when there aren't many definitive signals in the market (today is very slow for signals), this isn't what I'd like to see.