INDEX FUTURES

Here are the charts I mentioned in the A.M. Update...

 NQ 5 min continuing deterioration

ES continuing deterioration,  this is nothing unexpected for these two.

However the 5 min TF chart has gone from leading positive to in line to leading negative since Monday which iis practically break-neck speed compared to what we've seen with past bounces which is why I wondered before the bounce started,  whether this would be the typical sentiment changing strong bounce we had seen in the past or simply a normal bounce within a downtrend as the Russell 2000 has moved lower off the right shoulder, I put up charts depicting what I was talking about which looked like this...

 This is what I suspected after seeing how weak the SPY/QQQ bounce attempts were last week, the IWM simply making a series of lower highs, lower lows or a downtrend much like what we saw off the right side of the head (yellow box to the left) which still requires a bounce . The IWM was down well over 6% before the bounce started so it was a reasonable area for such a bounce.

Now even the 15 min TF chart is being effected.

This is the AUD/JPY momentum lift overnight (purple) vs. R2K futures...

And the 1 min intraday TF chart in to the open

The ES chart 1 min in to the open and...

The NQ chart which was the only one in line (confirming the price trend) which is holding up the best since the open.

I have reason to believe AUD/JPY sponsorship is likely to fall off.

The AUD futures on a 1 min chart...

 AUD losing some steam on the 3C chart intraday...

On the 5 min chart you can see the positive divegrence that started the ignition and a leading negative migrating over to the 5 min chart.