There's one thing supporting the market right now, the EUR/USD from overnight.
Some of the early damage that is still questionable as to whether it will be repaired or not and a bounce will actually help determine that can be seen here in the SPY (although each average is a bit different as they have been the last 2 weeks).
This is the intraday 1 min chart which is why I said a bounce is likely near term...
However the 3 min chart doesn't look good in to morning trade...
That hurt the 5 min and it's a bit early for that.
As for credit, it's getting worse except HY.
High Yield Corporate is moving down hard and has taken out the last 9 days, 2 trading weeks in the course of 3 days.
Junk Credit is even worse, taking out 3 trading weeks at 14 days. Something doesn't look right here, actually this is how credit often looks at top areas. HY itself though hasn't made the same extreme move as of yet.
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