Market Update

It looks like I got back at the perfect time, the retracement I expected before I left took place, it was pretty much a non-event thus far, but there's some detective work to do now.

It looks like we are just about at the end of this intraday move, the USD/JPY is safe, the Yen looks safe, but there are some signals I've been looking for that are where the high probabilities are and thus far today has been more or less a bookmaker, a volatile one, but a book marker nonetheless.

 The NYSE TICK data alone shows the retracement channel starting to fade, it looks like soon it will break the channel, in fact it just did,

 ES / SPX Futures intraday 1 min went from the negative signal around the open to the slight positive I mentioned before I left for an intraday bounce and now is negative again. The one thing I want to look in to a bit more is the 5 min ES chart just in case this may be a wider range area.

 5 min ES, clearly negative at the highs and at the open this morning of regular hours, the positive divegrence I mentioned before I left for an oversold bounce and as of now, it's still slightly leading. It takes the 5 min chart a little longer for a brand new intraday signal to develop as it has on one minute charts, but this is one thing I'll be watching as it could and probably will go negative or it could stay in confirmation and we'd get more volatile lateral chop which is not usually the best place to be entering new positions.

 The 1 min Yen and the negative divegrence in it which led to the market oversold intraday bounce over the last 2 hours or so and a positive signal developing now.

As I suspected, thus far there's no damage at all to the overall positive 5 min Yen signal so there's no real surprises, what we expected to happen, happened thus far.

As for the averages, the Q's are now giving an intraday negative signal, it's still a bit young, but I think valid considering all of the other confirmation above.

 The IWM with Friday's closing negative signal, as I said, we usually pick up where we left off the next trading day (even over a 3-day weekend) and that negative signal knocked the gap up on the open, down. You can see the intraday positive I mentioned for a bounce/retracement intraday and how that has been sold in to once again, going negative.

The exact same can be seen on the SPY.

VXX / UVXY is one of the assets I look to for timing of new positions as it gives excellent , unmistakable signals and that's one thing I'm looking for. VIX / VIX futures trade opposite the market for the most part so the inverse signals and price action above confirm all of the charts above this one, we have a leading positive divegrence in to the pullback here (matches the bounce in the market the last two-ish hours) and that's a good sign, there's a reach for protection, some fear and when this leads positive in a big way, we know we have a big trade coming.

So that's what's happening right now, I'm going to look at some assets that may be in position for a trade and also keep looking to see what the market is up to and when might be a good time overall to look at trades, YOU DON'T WANT TO WASTE YOUR TIME IN VOLATILE CHOP, AT BEST ITS OPPORTUNITY COST, AT WORST IT'S UNNECESSARY OPEN MARKET RISK.