Leading Indicators

Here's yesterday's if you want to compare.

 FCT (Pro) sentiment continues to fade

As does HIO

Yields are hitting a lower low, rremember they lead the market and act as a magnet for equity prices.

This is the larger view I posted yesterday, I also posted where Yields were giving leading signals and how the market followed, you can see that chart in yesterday's Leading Indicators post linked at the top.

 HYG as mentioned is an Arbitrage asset used to manipulate the market up, that doesn't mean the stable prices here aren't seeing selling.

The Arbitrage is based on HYG's price only, not underlying activity or order flow.

And to REALLY confirm the fact that one of smart money's favorite risk on assets (High Yield Credit) is showing what smart money thinks of this market, just look at HY Credit that is not linked to any correlation or used as a lever to move the market, High Yield Credit below.
 

 HY makes another low

The trend coming out of the stage 2 part of the 10/9 cycle with confirmation and then selling at the stage 3 area, now credit is in decline, "Credit leads, stocks follow".