CONTEXT

 CONTEXT for ES show the model higher than ES, it seems some of the underlying markets are doing a bit better than the ES relationship shows.

The SPY arbitrage model is also higher than the SPY.

A quick look at our risk asset indicators shows High Yield Corp. Credit outperforming the SPX intraday, it's off a bit from yesterday's highs, but diverging positively with the SPX.

The Euro and especially the $AUD (which is my favorite leading indicator among the currencies) are diverging positively with the SPX, the $AUD thus far looks very good.

Yields are also outperforming  significantly intraday.

High Yield credit is in line with the SPX intraday.

Commodities are underperforming.

As for relative momentum in the 3 major industry groups, Financials and Tech are showing much better relative momentum.