Market Update

From this morning's post, A.m. Market Update we could see that there was a very high probability of USD/JPY testing $102 which it broke below around 3-4 a.m. EDT this morning. It was the 5 min Yen chart that gave us the probabilities for a test, the 5 min $USD chart is barely off its back so it's not leading any moves. At the time of that post, the 1 min Yen intraday chart was still in line and obviously not ready to try for a test of USD/JPY $102, but that has changed. The $USD 1 min is in line, so again, it's really not a factor, the only way USD/JPY moves up right now is by the Yen moving down. 

Just a reminder, I also posted charts longer than 5 min and they are solidly turned around to put the probabilities very high  of a USD/JPY decline and the Index futures/market with it just as the move above $102 drug the futures with it.

As for the intraday Index futures, ES is inline much like the SPY as you'll see below, NQ is slightly positive, again similar to the QQQ intraday charts and TF is leading positive intraday just like the IWM intraday chart, that should give you some idea of relative performance between the averages.

 USD/JPY 1 min getting more positive and the $102 level in the red box.

This is the 5 min Yen chart posted earlier, actually it has deteriorated a bit more since, but the 1 min intraday chart was in line earlier, that is what has changed. The USD is really of little consequence right now.

The Yen intraday 1 min has gone negative here, bringing us closer to the USD/JPY test of resistance ($102).

This is the SPY intraday in line like ES.

The migration of the negative divegrence since $102 was broken on the upside has been constant and has reached 15 min charts for the SPY, there are worse looking longer term charts, but as far as migration of the negative divergence, it''s at about 15 min.

 As I said TF is leading positive intraday, so is the IWM

The IWM has also seen the negative divergence migrate to about the 15 min chart above.

The QQQ which are slightly positive intraday match  NQ almost perfectly.

 And migration of the divegrence for the Q's is around the 5 min mark.

The DIA/DOW has been one of the worst looking of the averages. I'll be showing you the DIA and some ways to play it later in position ideas.

For now though, the DIA 1 min is leading intraday.

This is the DIA 15 min chart from the Feb 3rd cycle, you can see how bad things have dropped of here.

And as far as migration of the current divegrence, it has hit the DIA 30 min chart.

Look for a bounce to test USD/JPY $102 soon.