Market Update

You may have noticed that today's market update has been conspicuously absent, that's because I'd literally be showing you nothing. The intraday charts today look like a textbook example of what I'd imagine an op-ex pin to look like so there's no point in posting charts that give you no information.

There's a very slightly more positive bias developing, but very slight and I believe a lot of it has to do with SPY Arbitrage...

In this post yesterday I showed you the charts/evidence that played out  today exactly like the charts showed yesterday, HERE'S THE POST WITH THE EVIDENCE.

The gist was there's very little market strength with professionals being net sellers and retail being net buyers and apparently tapped out. The tool or manipulation tool of choice overnight Wednesday/Thursday before the open was the USD/JPY, but I showed you in the post above how the $USD was starting to fall apart and the JPY was gaining strength and suggested to hold the market even in place, another suitable manipulative asset would have to be found, I suggested HYG.

Lets look...

 The SPY Arbitrage is growing more positive at +$.30 right now, this can at least hold the market in place intraday for the pin, but it needs the Arbitrage assets, one of which is HYG, another is VXX which is performing VERY much out of sync with the normal market correlation (perhaps as part of the arbitrage) because the actual VIX futures don't look anything like VXX does today, but they aren't the arbitrage asset, VXX is as is HYG.

This is the USD/JPY I mentioned yesterday (in red/green candlesticks) vs the S&P E-mini futures (ES) in purple, you can see how the currency pair was used to lift the market, if you check my post from yesterday linked above, you'll see why I thought this pair would fail and something new would need to be found on an op-ex pin Friday, I suggested HYG.

This is a closer 1 min look at the same chart although ES is holding a bit better than the USD/JPY.

And here's HYG as suggested as a replacement as USD/JPY was showing cracks yesterday. This isn't a big move in HYG, but with VXX, it doesn't need to be.

This is about right for the small intraday bullish bias, I mean small, most likely a pin adjustment.

In any case, for now, that's where the market update stands.

YESTERDAY THE CHARTS TOLD US EXACTLY WHAT WOULD HAPPEN WITH THE USD/JPY AND SUGGESTED HYG WOULD TAKE OVER, THAT'S THE EVIDENCE BASED ANALYSIS I LOOK FOR, NOT EMOTIONS OR GUESSES.