Leading Indicators

Taking a quick look at Leading Indicators where they matter the most, toward the close I see HYG is starting to come undone from the SPX in to the close, HYG's 3C chart never even took on the same level on intraday accumulation over about a day and a half, so not surprising.

Sentiment (PRO) is failing in to the close. The VIX futures are seeing a bid, protection is being sought, yesterday there was a clear 3C chart that VIX futures were pointing to this move in the market today, but now that's starting to chance.

High Yield Credit didn't buy this move at all.

For the averages there's already weakness from the day in 2, 3 5 min charts while 1 min tries to steer, but some averages like the QQQ/NDX that looked the best are seeing clear deterioration.

The IWM is probably the worst so I'm happy about the puts there.


The Index Futures are also deteriorating.

So the size of the move and the action today didn't make sense earlier, but now look near perfect for this kind of bounce or whatever we should call it.

As for tomorrow, typically Friday's open close to Thursday's close, I think Thursday's close is partly to bring the market close to the op-ex max pain area.

So far so good, I'm happy with what we saw in advance and  the way things proceeded.