FX & Index Futures

The theme of the last several weeks, maybe a month or so has been the systematic failure of many of the market levers as we call them broadly (levers used to ramp the market higher), whether they be currencies, arbitrage schemes, carry trades, even central bank talk, but a favorite had been the arbitrage scheme and that flipped to the Yen whack-a-mole in the middle of the night, the last two days last week saw low volume being utilized to buy the most heavily weighted stocks in an average as a lever.

What's interesting starting off the new week is the failure of many of the FX based levers.

 EUR/JPY with initial JPY weakness, but around the European open, despite good news (economically) the Euro falls apart.

Here the $USD is stronger than the Yen  all night

And here the USD and EUR are3 about on par until the European open as the Euro nose-dives.

Our near term bigger picture is still ugly, ES 15 min

NQ 5 min

And TF 5 min....