The market, since it has been so "Blah" and choppy the last few days, is keying off the last known trend seen this a.m., as the market made a lower low, volume picked up big, it appears that's where the stops were hiding out, now to see if this was a stop fishing expedition or there's something more to it as I have expected based on what pieces of the puzzle we can put together.
Here's a closer look at the volume surge right as the lower low was made from this morning's earlier, short trend up. (1 min chart).
This move normally would be VERY MUCH in line with what we are seeing on the 2 min trend of the SPY, it wouldn't be surprising at all, however there's still a lot of Central Bank uncertainty.
In Europe... Last week I said and showed you several charts that seemed to indicate that the market wasn't as trusting in Draghi's "We'll Save the Euro no matter what!" comments. Bonds are reflecting that as stocks are still in almost a numb state.
Here the FTSE MB Italian Index (stocks) in red is seeing Italian bonds fall away as they don't seem to trust in Draghi.
The same thing is happening in Spain.
Has Draghi lost his credibility?
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