As mentioned early in the trading day, opening indications didn't seem like they were interested in confirming, they didn't confirm and most of the averages have barely moved off their opening levels.
Far more importantly, Credit is just getting worse, not only did it not confirm, but has been sliding in the other direction after weeks of at least some modest to outright market support, this is far more important than opening indications.
The DIA actually looks the worst this morning, no attempt at all on even a 1 min chart to confirm the move higher.
Do you remember the chart of who was net buyers and who are net sellers posted in a daily wrap a few nights ago?
This would explain the market action, not only the psychological tag of $1700, but what has happened there since.
This is the IWM with no confirmation
The Q's with no confirmation which would see 3C ABOVE the blue trend line.
3C on the SPY moved up VERY slowly, not even close to confirmation, but once the first hint of a negative divergence set in the SPY started turning down.
SPY 2 min
This is the NYSE TICK data, you can see how thin this market really is.
The TICK data is all advancing NUYSE stocks less decliners, it has been caught in a range between -250 and about +500 which is almost no movement at all, if the market is going to move it needs to break out of this range.
Again, the big story so far this morning (and probably a lot longer) is definitely Credit's action today.
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