Market Update

Something doesn't look right this morning.

As we saw in the charts last night, the Yen fell and USD advanced ever since coming out of the entire day's range around 4:30 yesterday,  lifting the USD/JPY which itself doesn't look that bad.

It's more the Yen single currency I was worried about in futures, the USD so far is in line as is NQ futures intraday, but both TF and ES are a bit more negative than I'd expect.

I wanted to wait for the open and see what the averages do and they've had enough time, the SPY & QQQ are not confirming the gap up, IWM is.

EM markets have caused trouble all night with USD/JPY, even though USD/JPY has overcome that trouble and lifted Index futures, perhaps we're just seeing a momentary pause again around USD/JPY 102.80 which it pulled back from.

Just looking at the market today with no history, I'd say it will pullback to the lows of the range before making any move higher and it might need that. 5 min charts don't look as good as they should, a pullback might help.

Other than that, gold looks to be where I expected it and the signals are fine.

Don't forget we have an ugly situation in the Ukraine and all EM's are getting slapped around pretty hard as its clear the F_E_D money that has floated them the last 5 years is drying up and investors are pulling it, even if certain PMS in Turkey don't want to acknowledge it, just look at what happened with their CB action yesterday. Perhaps he's afraid they'll become the next Ukraine.

I'm going to look at more correlations and monitor early trade which I rarely trust for signals, before I make any moves of significance; I suspect this is temporary.