Opening Indications

Not much has changed since the trend assumptions posted late yesterday, Chart Grab Bag.

The Index Future post from this morning, Index Futures Update, looks pretty spot on so far, although I'm only looking at very near term intraday data.

For instance the USD/JPY which dragged the Index futures higher overnight had a negative divegrence in to pre-market and the open...

And that led to early downside in the Index futures as the pair dropped lower.

As for the Yen, it does look like it could rally a bit from here pushing the USD/JPY down even further which would fit with a pullback today as was posted in the EOD post yesterday.

Yen 5 min positive divegrence would likely send the USD/JPY even lower, this seems to be more of this continued choppy noise that you need to move in and out of pretty quick or just ignore it and focus on the longer charts and swing trades and realize there will be some normal drawdown here and there.

As for the averages, yesterday in the EOD post the IWM showed a clear intraday negative and the market usually picks up where it left off the next day with 3C divergences, here are the averages this morning.

 SPY went negative on the open this morning (1 min.) as the IWM suggested yesterday afternoon.


Here's the migration so far, only to the 2 min, but we'll see and that will largely determine whether a trade (long) is warranted or not.

 This is the DIA 1 min, the negative divegrence is pretty clear.

Migration is clear on the 2 min as well

And out to the 3 min chart, I suspect this will keep moving until we get the pullback today I suspected late yesterday which would likely form a little larger base than just yesterday's 1-day base.

 The IWM was already showing a negative like the DIA yesterday afternoon so no surprises here.

 And the IWM seeing negative intraday migration out to the 3 min chart.

I drew in a white trendline because that's where I'd suspect price would be headed if a larger footprint/base were to be carved out, it would still only be a small 2-day base area, but that's a lot more meaningful than yesterday's action only that already fired somewhat.

 QQQ 1 min

And the QQQ 3 min, this chart doesn't look great so if there is to be a pullback and further basing, the Q's need it pretty bad as they are in a bit of an ugly situation here.

This is my custom NYSE TICK data Indicator, the trend is pretty clear.

I'll have a VIX update up shortly.