Market Update

This isn't the most impressive knee-jerk reaction, but  it does appear to be one, especially with the HYG charts.

Right about now all of the Index futures are turning negative, the NYSE TICK data is turning negative and my custom NYSE TICK indicator is turning negative, intraday breadth is falling off here.

 Intraday NYSE TICK went positive right to 2 p.m. and then turned down, intraday breadth is declining here.

The Index futures intraday are also declining.

What I'm most interested to see is how the 5 min charts react.

There were very strong negative divergences in the 5 min charts as you can see, but they moved as 3C was forecasting down and are close to in line.

I suspect with HYG looking the way it does and other leading indicators, that this is not going to end well, but after the drubbing the market took yesterday, some backing and filling is not surprising.