Market Update

If you caught last night's Lowest NYSE Volume of 2014 post's Dominant Price / Volume Relationship, it looks like it was right on as far as its forecasting probabilities.

"The Dominant Price/Volume Relationship is pretty easy, Close Up/ Volume down which is the most bearish of the 4 possible combinations, typically the next day closes lower."

As for the intraday action, it's just as it was earlier today, it seems a lot more about mitigating damage until tomorrow's F_O_M_C minutes release at 2 p.m.

While the Dominant Price/Volume Relationship yesterday suggested that today's close be lower, we still have an hour left and there are some divergences, again the same as earlier today, nothing serious, but just enough to try to mitigate the damage done yesterday and keep the markets from all out collapse for the moment.

Here are a few of the charts...They are not the kind that inspire action, but are definitely telling as far as near term action that may arise pretty quickly (we want to stay out of the chop as long as possible and enter only when it looks like the probabilities are highest for an actual move beyond the multi-month top.

 DIA 2 min positive is just enough to keep the Dow from an all out collapse, but not really much to inspire even a very short term long trade.

The 5 min's damage from yesterday is in line today as the DIa moves lower.

IWM 3 min is positive intraday, again, I'd never go long this signal alone...

The 5 min looks better at this point than the DIA which held the edge earlier today as far as relative performance in the averages.

QQQ 1 min intraday is perfectly in line with price, no divergences, just confirmation of the move lower.

 The 5 min chart saw significant damage yesterday and has added to that today with a deeper leading negative divegrence, obviously telling us that the multi-month top is having a VERY hard time even getting the most minor bounce off.

SPY 1 min intraday looks better than some of the others like the Q's above.

The 2 min chart looks pretty good as well vs the other averages on a relative basis, this hardly looks good from any other perspective than relative comparison.

 The SPY 3 min is in line with price on the downside so the positive divergences are only in very short intraday timeframes.

 SPY 5 min is in line on the downside from yesterday's distributive action.

And of course as I showed earlier, the bigger picture continues to deteriorate in the multi-month top.

This is intraday TICK for NYDSE components, you can see the bearish trend earlier today and a more positive breadth in the late afternoon as divergences appear in intraday timeframes.

The same can be seen in my custom TICK indicator.

Here it is vs the SPY showing better breadth performance intraday in the late afternoon.

Apparently some of the intraday positives that are really not that strong, are coming from the USD/JPY divergence.

USD/JPY finally looks a bit more positive on the intraday 1 min chart, but the 1 min only.

As far as the usefulness of this information, this is what would keep me patient a little while longer before adding to NUGT long as the probabilities of a head fake move increase a bit with these divergences, I might take a closer look at MCP's long add to as well here,  but beyond that, there's not much more the market is building or telling us.