Leading Indicator Quick Update

I can see why the market is levitating and why SPY arbitrage is green, HYG (credit) is flying and very positive, leading the market, Junk Credit is doing the same. In my view, VXX could be lower so there may indeed be some safe haven buying or protection in VIX futures, VXX doesn't seem to show it today, but if you look on a relative basis as the SPX has been at similar prices, it should be lower than it is. HY credit is in line too, but I'm worried about a parabolic downside reversal.

Currencies are concerning, in the light that the pullback/consolidation (as ES CONTEXT suggests) could be larger than thought. The $AUD is way under performing the SPX, this has a lot to do with Chinese overnight data (PMI), but still, there are arbitrage programs running and carry trades so it matters, regardless of why.

The Euro is significantly weaker than the SPX, IT IS NOT SUPPORTIVE, so from currency's point of view, the market is frothy and short term dangerously toppy here, short term at least for now.

The $USD is moving up so the market is rising in to a very non-supportive atmosphere, if/when that fails, currency arbitrage could send the market sharply lower intraday.

Yields are in line intraday, but over the last few days they are negatively dislocated.

Finally commodities aren't doing much to support the market, I'd be careful here, I'm going to take a closer look at some specific assets. I feel some relief in having taken the IWM calls off the table for a gain, even if it isn't top-ticking the day.