Update

You recall the USD/JPY post from earlier today...

And the excerpts...

" USD/JPY has stalled out from the earlier ramp on Initial Claims, it looks like it is teetering on a downside move intraday... the effect of a higher yen and continued move lower in the $USD would be USD/JPY down and ES or SPX futures have been tracking the USD/JPY VERY closely, that wouldn't be good for the market....However on an intraday 1 min basis, the Euro above looks as if it is going to lose upward momentum which "should" give the $USD a temporary lift ....

What does all of this mean? So far my interpretation is we may see a little downside in the USD/JPY, this 1 min $UDSD chart above may stem that temporarily, but ultimately the 5 min wins out and the USD/JPY sees downside on a larger basis, especially with the Yen divegrence growing by the day and with the $USD negative now having fired off.

Just remember the market index futures are tracking the USD/JPY very closely so downside in the carry cross is downside in the market which is interesting given some small head fake probabilities today."

And so far since this was posted at 12:26 pm today...

 The USD/JPY did see some downside and the $USD stemmed it intraday at 2 p.m.

Thus the SPY saw some downside and it was stemmed at exactly 2 p.m.

The point I'm trying to make is there's a lot we can learn about the market and what it is likely to do which enables us to make plans and tactical/strategic decisions, it's not just about moving averages or Elliot Waves, this has been very accurate information considering it was in advance.

If the rest of the analysis is correct in looking beyond the intraday, then the 30 min Yen positive mentioned that looks like this...

 Should be the longer term trump card that send the USD/JPY lower over a larger period.

While I'm mentioning the abundance of assets that most traders will never even hear about as they follow lagging indicators like moving averages, take a look at the HYG/SPY relationship I mentioned several times over the past week and recently several times, it is the algo lever to ramp the market, but it has been failing, beyond that Credit is a much smarter , more well informed market than equities, thus Credit leads, stocks follow...

SPY in green on a 15 min. chart and HYG in red, not only is it divergence and negatively dislocated at the SPY highs, it is so on the week since Monday and intraday, this is an important leading indicator.