EOD Market Update

I'll be working out of a different city tomorrow and have quite a long drive ahead of me tonight, but I'll be obviously checking back in with futures.

Here's a quick look at how we ended the day and a few other concepts of interest.

The first concept of interest is the use of Technical concepts against technical traders, I mentioned this earlier this afternoon when I saw a symmetrical (bearish) triangle form, I said they use these against technical traders because TA traders are so predictable.

The expected move or break from the triangle is down since it's a consolidation / continuation pattern and the preceding trend was down.

 There's the triangle and expected break to the downside, but as usual, they run a common price pattern the exact opposite of what's expected, most traders will see the price pattern as failed and TA teaches to reverse your position on a failed pattern so that would mean they'd be going long this move. Because it's such a small triangle it may amount to nothing, but it wouldn't take much to move price back below it and knock out all of the longs that took the breakout long.

 IWM 1 min at EOD leading positive.

Even if USD/JPY fails at $102 on this run, it has all night to try to get it together and try again, so the concept of 3C picking up where it left off the next day and a leading positive 1 min divegrence could very well make perfect sense for a higher open tomorrow a.m.

 The 2 and 3 min charts are nearly perfectly in line, I'm actually surprised they don't look better, but this 5 min leading positive developed pretty quickly, this tends to make me lean toward a dead cat bounce looking move, which is fine, it will work as well.

 QQQ 1 min also looks like the IWM at the EOD.

And the 2 min chart is leading positive, there's nothing beyond the 2 min chart, nothing on the 3 min.

 The SPY is lagging a bit,  on the 1 min, but remember the amount of relative performance we had earlier between the Dow and Russell, so it may be a little rotation coming the SPY's way.

 This is what the 2-3 min in line charts mentioned above look like, really no edge there at all.

And the 5 min is like a lot of leading indicators, a positive at a.m. lows, not much beyond that though.

 This is ES as of a few minutes ago, again I suspect distribution as USD/JPY nears $102

 NQ is in line

And TF is in a slight leading negative position, but moving in line intraday on this leg.

As for USD/JPY, there seems to be more distribution the closer it gets to $102/resistance

The Yen 1 min is starting a positive divgerence so that would not be helpful for pushing above $102.

The 5 min $USDX is putting in a negative, also not helpful for pushing through $102.

However, as far as the probabilities go, this 15 min Yen negative (and that's as far as it goes), does suggest at some point $102 will be broken, I doubt for long though.

 Yen 15 min leading negative.

 This is the VERY latest of USD/JPY, it's losing 3C and price momentum near $102.

I'll check back in as soon as I get to where I'm going.