Still siting on my hands...
Strangely it's pretty quiet, there are some indications in Leading Indicators but nothing too stunning.
For instance as far as the market, we aren't very far from where we were yesterday or this morning.
SPY intraday is still in line...
The 5 min positive that was there earlier today and yesterday is the best we have to go on at the moment, but that's not much of a change for the day.
As for Leading Indicators, nothing Earth shattering, but a few signals...
Yields which I love as a predictive indicator were negative before the market lost ground (left) and have since reverted to the mean allowing them to move to a new trend, but they are not leading yet to do that.
One of the more interesting Leading Indications is High Yield Credit, this is thing so it gets jumpy, yet here it is leading the SPX.
This is bullish, but still not a timing indication.
Sentiment (professional) intraday looks pretty good, positive.
The longer term indications in the same indicator show a good leading negative and right now a large leading positive so it looks more and more like this is a sustainable base, just no great set ups on timing yet.
This is a longer view of the same, all in all it is leading negative as it should be, but there is a relative positive divegrence of some size recently.
Commodities aren't the Leading Indicator they were in 2010-2011, but they still give signals as you can see they were positive long before the February rally started and they are still positive on the break to stage 4 in the averages.
Let me keep watching and see if there's anything worth making a move on or whether we should just stay patient until Monday.
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