Market Update

I haven't posted in about an hour, that' not because I've been at lunch (which I never take-I'm lucky to find time to go to the bathroom, thankfully I have a MacBook Pro that gives me some mobility). I've literally been looking at probably close to a hundred charts in the last hour, I've never seen so many underlying currents at work.

What you need to see is the Leading Indicators Update, I don't now if I have time to get that out and keep on top of this market.

The next thing would be currencies, there are some key events in currencies right now like the EUR/USd below $1.30, this will almost certainly see an invisible hand with an "ECB" ring on the finger pulling some levers in the FX market, just like the NY-F_E_D or Plunge Protection Team (President's Working Group or NY F_E_D-is there really any difference?) The Yen as I said last night will be one of the biggest pivot assets of the day, a move there will almost certainly change the entire market, however I'm afraid that we aren't going to see much until the overnight session when the BOJ is due to put out their policy statement, it does seem to me that it will be somewhat of a lame duck as they are in the middle of a confirmation process for the new BOJ governors, I'm not sure the BOJ will make any big moves ahead of the new leadership coming in and there are questions as to just how many of Abe's picks will make it in.

There are a lot more currents than just that though, it's getting hard to keep up with them all.

While the F_E_D's Beige Book was "Modestly" boring with a word cloud that consisted mostly of "Modest", it does seem the market has reacted somewhat to the release.

Here are the latest screen shots of the Futures, I need to look extensively at the market averages and confirming assets. In many ways, especially in NQ, we have not seen the move that 3C is promising or saying is the highest probability...

ES-S&P Futures

 ES 1 min intraday has picked several divergences and ES has moved as 3C suggested, the 1 min positive hasn't seen that big of a move, I really...REALLY expected more and still think there's room for more, but the recent falling apart of the positive as the Beige Book came out makes me wonder whether that is transitory or the real deal, I think it's the former.

 The most important chart, the 5 min has deteriorated worse, this is what I suspected at the start of the week, "Bigger divergences, MORE VOLATILITY", in any case, this is worse so I don't want to miss the opportunity to get in, but I don't want to jump the gun either and all of the underlying currents aren't making it easier.


NQ NASDAQ Futures

 NQ 1 min intraday also picked divergences and NQ followed what 3C suggested as highest probability, but here we still have a 1 min leading divergence and NQ hasn't really delivered on price as of yet.

The more important 5 min chart has also grown worse here as well as ES, much worse, so I think it may be about a little patience as the market shifts again or changes character and get on track and in sync with the new face of the market.

I'll continue to update and as soon as i feel the probabilities are highest, I'll start calling out the trades.