Market Update

The market looks to be hitting an intraday brick wall for the time being, CONTEXT looks horrible...

The Q's are starting to turn ugly from intraday out and they are getting some help from AAPL at least intraday, although it's too early to make any assumptions about AAPL beyond that, although my gut feeling is it is heading for a gap fill this week.

 QQQ 2 min leading negative intraday in a very flat area...

AAPL doing the same, although not as flat, the 10 min AAPL chart is still strong.

And the SPY...

The late Friday positive that I was willing to take a short term chance on is now fading, it seems it was only able to hold up some support.

The one area I am curious about is the SPX futures, they are not looking all that bad right now intraday.

 SPX futures 1 min don't look that bad, but as we know the longer charts are the more important and the 5 min has deteriorated badly since last night.

ES/SPX 5 min.

My gut feeling is that not much is going on, there's some curiosity about the G20 and the currency wars, but in the end the G-20 is likely to be nothing more than a paper tiger. The split in the ECB might be more entertaining and market moving, has Mario even come out in response to Wiedmann yet? I don't think so.