Opening Indications

Yesterday's last market update went like this:

"Going in to the close, NQ and ES short term futures are negative, SPY, QQQ and DIA are also, the IWM is not."

SPY/QQQ and DIA were short term negative in to the close, the IWM was not, this is pretty clearly reflected in performance of the 4 averages this morning.

Here are the opening indications out to 5 min., both ES and NQ futures (S&P/NASDAQ) on the 1 min timeframe are pretty much in line, there's nothing very interesting to see there.

 DIA 1 min negative in to the close yesterday and thus far negative in to the open and not trading in line, but slightly negative-probably reflected somewhat in its relative rice performance this a.m.

 2 min chart is pretty much in line with price including the open.

 3 min is definitely negative here, there's a slight intraday positive at the morning lows

 5 min is mostly in line with  slight negative on the open, but in line since. It's very early, but if these charts were similar toward the afternoon, I'd say the Dow is being set up for an op-ex price pin in the area.

 The IWM is the one that stood out yesterday as positive, it's leading positive near the close and in line on the open.

 2 min is leading positive all afternoon and in line on the open, although the rate of change in price is a lot stronger than the rate of change in 3C here.

 3 min leading positive near the close and in line on the open.

 5 min positive on the close and nearly perfectly in line on the open.

 QQQ 1 min relative negative near the close yesterday, a slightly deeper relative negative on the open today and in line since.

 2 min negative on the open and finding a small positive divergence at the morning lows

 3 min mostly in line yesterday, not confirming the open today as it is negative.

 5 min is the exact same as the 3 min

 SPY 1 min negative on the close yesterday and i line this morning.

 2 min negative yesterday afternoon, in line today

 SPY 3 min negative yesterday at the afternoon highs and starting to lead negative today.

5 min negative yesterday at the afternoon high and in line thus far.

This is a bit unusual for even an early update as morning trade is often noisy, but what is unusual is the number of charts that are in line, it seems to show very little strong underlying action or influence, it almost seems as if it is maintenance only to keep prices in an op-ex pin.

We'll see what else comes up, the deterioration early in risk assets other than commodities is also interesting.