Leading Indicators

Yesterday Context was positive, meaning ES was supported by risk assets, today it is back to negative as it has been nearly every day for a couple of weeks now, almost the same period where we have a very clear negative divergence since 3/5.


Although most of the Leading indicators are clearly negative (these are mostly risk assets that should move with the SPX, when they dislocate negatively, they are leading negative), there are a few on short timeframes/intraday that show the "overdone" status of the market I mentioned in the last post.

I had some questions as to why not go long the SPX if a new high is expected. A new high in the SPX is half of a percent away from yesterday's close, that can turn on you real quick, if there were support for a position long the SPX, I'd take it, but the probabilities and support are just too ow. I'll show you next post.