Opening Indications

Thus far on the open things are not looking very good for the market, in fact the base from last Thursday on 5 min charts is a mini cycle in itself and it looks like it's starting to fail.

Take a look...

First the Index futures on 5 min charts which is the most relevant timeframe for our purposes...

 ES 5 min, note the trend since last Friday and the falling off of 3C recently

The same is evident in the NASDAQ 100 futures, NQ

And now TF is starting.

As far as intraday...

ES has a small intraday positive that should kick in intraday soon.

As for the averages.

 SPY 1 min on the open, but zoom out a bit and...

All of the sudden the recent trend DOES NOT look very good.

 Here's the 5 min trend that is not confirming, the 2 and 3 min need to go negative and show migration, but at this rate they should soon.

The QQQ confirmation on the open...

And the 5 min trend is still showing confirmation for the time being, Futures look worse.

At 10 mins there's no confirmation

 IWM 1 min opening confirmation

Zoomed out the 1 min is in leading negative position.

 Migration is already hitting the IWM with the 2 min leading negative


As well as the 3 min ...

HYG "looked" like it was starting to see some accumulation yesterday to help push the market, that seems to have faded and was likely to be just enough to halt a decline in HYG.