With charts looking like this, this is getting pretty nerve racking as we have seen the market tumble from less. The only saving grace for the market right now is Leading indicators, specifically Credit and FX.
When the 15 min (SPY) chart is already this negative, it's in trouble that we've seen snap in much less of a negative position.
With short term charts coming up negative, and the market needing to be manipulated with volatility just to stay out of the red, that sounds like trouble.
IWM 15 min, I'm surprised this hasn't collapsed.
IWM 10 min locally has seen a lot of damage
QQQ 15, again seen the market collapse on much less.
short term it's not gaining any ground either
Yields are negative so that's one area that is acting as it should
Yields
The Euro is still catching a bid and giving some support to the market and commodities.
Credit is in line with the market, this is really the one I expect to see turn, almost every decent reversal Credit has turned first.
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