Market Update

Believe it or not, we're still in good shape.

Here's a few of the important indications.

 CONTEXT for ES is now at-10 point differential, this is because risk assets are backing off.

 SPY Arb is at a -$.50 differential because of HYG, and VXX.

 HYG still dislocated and negative from the SPX

HY Credit even worse

VXX is moving up in to SPX price gains, this is a lot of demand for the VIX Futures bid for safety.

Commodities didn't cooperate much, but they stopped as well

 TLT-Treasuries as seen last night with accumulation at an even higher level of accumulation-the flight to safety trade is being bought.

VXX 3 min intraday  as I said is seeing a lot of demand for protection from downside, again another increasing positive divergence

Another 5 min VXX chart.