Leading Indicators Mixed

Leading Indicators are also more mushy than usual, several like yields, High Yield Corporate, and 1 or 2 more look like tomorrow could either see a little upside or be in the same range as today-remember what I said earlier about Op-Ex Friday's closing pretty close to the Thursday before them, it's as if they use Thursday to get the market in range of whatever the pin is and Friday to hold it there.

Intraday there are a couple of other indicators that are on the other side such as the $AUD which is not only negative intraday, but longer term as well. The Euro intraday has lost momentum and that is weighing on the market, making it more difficult for the SPX to escape arbitrage players and certain algos that depend on the $USD to determine value.

There are some other indications as well including High Yield Credit that don't look so hot.

Interestingly VXX and UVXY have taken off, this is not a good sign for the market at least short term. Remember the earlier update, while they had been negative on intraday timeframes (confirming  the market move up intraday) their longer term charts remained very impressive.

I'll be taking a closer look at everything right now, but I think one of the first things effecting the market is the EUR/USD losing upside momentum while longer term negatives are still exerting gravitational pull on the market.

Market signals next...