The averages according to price and 3C charts in the early/fast timeframes where it matters this morning have a foothold, it's tenuous at best, but this entire "W" process has been as well so nothing new there.
As pointed out last night, although the AAPL-Effect or AAPL-lesson (It doesn't matter what the intraday divergences are when the herd starts to stampede which is what happened in AAPL just before it broke, but that was on a specific catalyst that Dan Loeb's top 5 holdings no longer included AAPL and the herd likes to follow Loeb as he's about the only Hedge Fund manager out there consistently beating the market-seriously, about 90% of them aren't even keeping pace with the SPY) can take hold at any time, we still have the 15 min positives in several of the averages for the "W" pattern so that's a bit of strength still in place.
Otherwise for the most part we are in line intraday in most averages and timeframes, some are a bit better, some are a tiny bit worse, but all in all, kind of dull looking at the moment.
Remember we do have an op-ex and that's a lot of premium so a pin is still probable, even if not as probable as the recent past. After 2 p.m. or so when most contracts are closed, the market starts to move out of the pin. We should have a good underlying read of conditions before then.
It does appear there's some effort being exerted to pull the levers-HYG, TLT and VXX.
As for Index Futures, most have actually headed higher and met up with the 3C leading divergences from pre-market.
The Yen intraday looks as if it wants to head higher, that's not good for the market, we'll see if that divergence fires or not.
More coming, but as we hit the leading positives, the market is now at a neutral point as far as short term divergences.
5 years ago
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