A.M. Update

So far things are fairly quiet after yesterday's intraday action maintained price much longer than intraday charts would have suggested, but there was a bit more damage than expected out to 5 and even some 10 min charts yesterday which I didn't expect to see so early in the week, it's important to see how those timeframes act today.

The USD/JPY lost ground overnight, however there's a small positive divergence going in to the North American open...

This isn't a large divergence and there's nothing particularly special about Yen/USD divergences, but that didn't stop the USD/JPY from ramping up a bit during regular hours yesterday when single currency component futures weren't that impressive either (today probably less so at present).

As for Index futures, the intraday 1 min futures are also rather bland, however the damage seen on the 5 and some 10 min charts of the averages from yesterday is apparent on some Index future 5 min charts as well like Russell 2000 / TF

TF 5 min, ES looks exactly the same, only NQ is in line.

That weakness is migrating to 15 min charts as well so today's action should tell us something of how long this market can hold out.

Don't forget tomorrow's main event, a knee-jerking release of the F_O_M_C's minutes from the last meeting at 2 p.m., these tend to cause initial knee jerks that are usually wrong as well and are faded within a few hours to a few days, perhaps the market can stay up in price or until the minutes?

Again, today's information should help us better understand if yesterday's seemingly premature weakness was a one-off deal or it continues, in which case there would need to be some minor adjustments to timing of certain position entries.