Leading Indicators

I see some surprising moves among short term leading indicators, however there is one that may be setting the example for the others and how this will play out, what it will look like, if this is the case, it just quadrupled my work load as I have many more assets I need to watch like a hawk.

Here are today's charts for leading indicators, of course end of day is always best because these can move fast, but here's what we have so far.

 FCT intraday is surprising, it's an excellent lading indicator when it diverges with the SPX, however as I mentioned, there's 1 asset that may be a model for the others intraday , furthermore...

 The more important trend in FCT vs the SPX (green) is the larger negative divergence in place since the move up from the lows of the 16th of November. You can see to the left how a very small negative divergence was able to send the SPX lower, one this size...

 Yields are another that are surprising intraday, but again more important is the larger trend since the 16th with Yields totally dislocated from the SPX, again to the left a smaller negative divergence send the SPX lower, one as large as this....?


 Yields intraday...

 High Yield Corp. Credit was surprising, but if there's a risk on move, this is where smart money will place large bets, in credit as it is such a large, liquid market, HYG may be showing us how this is going to go down as it is diverging way negatively from the SPX (green) intraday, if this continues, it could lead to a very fast shift in market trend/price, this is why it makes it more difficult as I have to watch all of these assets for anything out of the ordinary.

 High Yield Credit is remaining at a negative divergence with the SPX, I don't think it is as fluid as HYG, so that may be the reason if they need to make a fast change in positions intraday.

 HY Credit on an intraday basis also may be providing the model as it was moving in the same direction as the SPX early today, now it is diverging negatively. If this keeps up, this may be the "FAST" reversal I have a gut feeling about.

 Here's the Euro ETF/FXE intraday with the SPX

 On a longer basis it is negatively divergent.

 Commodities just aren't taking the bait, they refuse to follow the SPX both intraday...

 And among the larger trend, they are moving in the manner in which I expected the market to move before last Tuesday's weirdness, however I still feel the market will make a move that looks similar to this.

Here are commodities vs the Euro, note they were in line when the uptrend started off the 11/16 lows and then the Euro stayed stronger than commodities, even though commodities usually track the Euro almost tick for tick, it is as if Commodity traders know that the Euro isn't going to hold and they aren't going to be caught off guard like AAPL longs were and be a part of everyone trying to squeeze through the same door at once sending prices plummeting.