Pre-Market

Last night Japan was closed for a market holiday. One of the main releases last night was Chinese GDP which slowed from 7.7% to 7.5% or consensus. 

Retail Sales was the main US data point this morning, it missed and came in at the worst reading in 12 months. RS came in at .4% down from a revised .5% and consensus of .8%, bad news is goos news in a QE starved market, but the release didn't generate much momentum. Perhaps more on that later, so far it seems to be a non event.

As far as currency drivers...

 The AUD 5 min only has a bit of strength and may be able to take the AUD/JPY and market a bit higher, but there's not much after that.

AUD 15 is negative/in line and it gets worse from there, this has been the overnight risk driver.

 The AUD/JPY 1 min chart looks as if it coming apart internally, but the AUD may be able to squeeze a bit more upside out of it.

As for ES... The short length of these charts doesn't allow me to show you how long and deep these divergences are, but trust me, they are.

ES 5 min looks ready to fold.

This is ES 30 min, the once in line chart, it too is in horrible shape, whatever price gains we may get in to Wednesday are on fumes.