The market is losing a little bit of the gusto that sent it higher, the 3C divergences are nearly untouched from yesterday's 1 min going positive which carried over the overnight session as I suspected and the driver? SPY Arbitrage as expected as well as the USD/JPY just isn't up to the task yet.
The CONTEXT model for ES is even worse than yesterday with a -89.3 ES point negative differential between Es and the CONTEXT model. HUGE!
Some of the short term 1-2 min charts that needed to be moved for this move to happen are moved, but are showing some cracks, they may just be intraday or they may be as I mentioned earlier, the selling of this move in front of the F_O_M_C policy decision tomorrow.
I'll show you some charts in the next post, I just wanted you to know in this flat intraday range developing there is 1 min distribution. This is not a call to action in my view, but it is moving us closer to what we need to know.
5 years ago
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