Market Update: Skin Deep

This is why I really want to see the breadth readings, in a few hours I can.

However in the averages just as the Index futures, the support is skin deep, for instance...

 1 min intraday is or was in line, now a bit negative, but look how they ramp AAPL to make up for any fall off in momentum.

At 2 min, as I said, IWM's strength is skin deep

The same is true of R2K futures, 1 min in line

5 min leading negative and that hasn't changed a bit.

HYG intraday trying to hold the unchanged mark as an arbitrage asset.

However slightly longer and the skin deep facade peels away.

 It's the same with VIX futures, they run up, why would they run up with the market performing like this and the intraday 1 min "Steering" timeframe starts distribution intraday to hold them in check.

 While a slightly longer 3 min chart shows a text book rounding bottom with a head fake and with the 3C accumulation that we'd want to see.

The normal gold/market (QQQ) correlation of opposite or inverse as seen on a long term 60 min chart..

Doesn't hold any water today, the market up, Gold "Should " be down, but it's up pretty good because there's no arbitrage correlation, it's like the risk on assets are moving or the averages, but the flight to safety assets are as well, just not the correlated ones and the correlated ones like VIX futures you can see inrtraday steering of the 1 min chart, which is what we use it for, to see what they are doing with intraday price.