Context

This also would make you think that the "W" base will fire and will complete it's emotional destruction mission, feeding both fear and greed-neither one are good in trading, but that's how they make their money, people's own fear and greed are literally their downfall.

This is Capital Context's ES model vs ES, it is based on various risk assets and their correlation with ES and suggest that ES as of 10:30 (I don't know why it is so delayed) is about 30 ES points undervalued (ES is the SPX e-mini futures).

Since there are very few risk assets that are positive beyond stocks (for instance credit is horrible, commodities are horrible, etc), I believe their model probably needs to be re-calibrated which they do as needed, the reason I say so is the peak in the model's bullishness seen on the histogram was right when Treasuries hit their low of the day and yields hit their high of the day so I think treasuries are representing too much of the model, but in any case, it makes the argument that the "W" base does fire and if this is based largely on Treasuries being down and you know what I think about that, then the market is really dead meat when the move runs its course and treasuries blast off like a rocket to the upside.