Quick Market Update

I've been watching for the market to come down intraday as the charts suggested on Friday at the end of the day as well as intraday today, they look pretty darn close right now to a downside reversal intraday. All of the averages have negative intraday divergences from 1-3 mins and the 5 min charts are still holding up and positive so it looks like some of the assumptions from late Friday afternoon about action early this week are still on track.

Market Update and Some Probabilities

EOD Market Update

On the Index Futures, NQ and TF have intraday negatives, but ES has a sharp leading negative divegrence...

ES 1 min intraday (where you see the volume pick up is the 9:30 a.m. open.

The only thing that's a little difficult on intraday timing is the Yen looks like it wants to come down which should support the USD/JPY, but I'm leaning toward that being a quick move and if anything, perhaps the averages just linger in the area for a bit longer before heading lower, I don't think the USD/JPY is ready to make a real move to the upside just yet.

I'll have a TLT/ TBT post out in just a few minutes.