Quick Market Update

At this point we are really only looking at short term intraday charts as the damage done last week has made it very difficult to move those longer term, more important charts.

There's negative intraday signals in the SPY, the DIA, the Q's to a degree, but the IWM looks by far the best, I almost think there's some rotation in to the IWM as we have seen happen over the last few weeks.It's the longer term charts now that have changed the dynamic as they are a significant drag/anchor on any moves which have been short in this low ATR environment.

It seems someone noticed the distribution and is trying to support the market again like they did this morning on the ugly pre-market futures and opening ramp via the EUR/USD.

After a long 1 min negative divergence and a long sideways consolidation, but only after a 9:30 ramp, it looks as if they are ramping the currency pair again to try to support the market as it hits a new high for the week.

I'm going to look at volatility and treasuries and see if the market has a chance and if there's a trade there perhaps in the IWM toward the end of the day.