Quick Update

While a lot of charts are NOT migrating to longer term, several are getting worse on the intraday time period and it's looking like this move is going to stall out. There are several that are starting to migrate which as we have recently seen has taken about an hour from one intraday 1 min or 2 min timeframe to the next.

After this update (unless something major is happening), I'm going to go through the rest of the watclist and see if any assets are standing out.

 DIA is one of the few averages that has seen migration from the 1 min intraday to the 2 min negative

The IWM is still on the 1 min as of this writing any way.

QQQ 1 min is very close to confirmation, but seeing some more negative activity building.

The SPY 1 min is the one that has lost the most intraday support, I can't imagine this divergence not migrating to longer charts and being a stronger signal, especially considering that economic good news is bad news for the market with Initial Claims and the Philly F_E_D.

HYG (HY Credit) as mentioned earlier is deteriorating worse as the 1 min signal has migrated to the 2 min chart, perhaps further so if there's not HYG support, there won't be as much arbitrage support.

As mentioned before, JNK and HYG normally look almost exactly like each other not only in price, but 3C signals as well...

JNK credit CLEARLY looks a lot worse than HYG, the only reason I can imagine HYG looks any better at all on intraday timeframes is it is being used as a positive arbitrage lever, but that seems to be fading.

Also the NYSE intraday TICK chart HAS NOT hit even +1000 all morning.

This may become a fade-able move with some weekly options. in certain averages.