Market Update

The attempt at some strength today seems to be fading the last hour or so, it is not anything special on the day as I have been looking at possible trading positions and haven't seen anything that would be worth taking the risk (like last week's 1-day URTY long from SRTY and back to SRTY, still at a gain since flipping back).

I suspect some carry trade and individual FX futures may have something to do with it.

 DIA intraday 1 min positive this morning has turned negative, much like the SMH intraday chart just shown in the last post.

 2 min chart really never much positive this morning, more in line and negative right now

And the same on the 3 min chart, but that's pretty sturdy migration of a 1 hour old negative divegrence.

The 1 min IWM shows the same right now, nothing on the positive divegrence side this morning.

The 2 min chart shows last week's negative and in line today.

As does the 3 min with a minor negative divegrence

The 5 min shows a little more serious negative divegrence intraday.

Still there's nothing here to do much with other than be patient.

 QQQ 1 min intraday positive this morning turned to a leading negative

3 min QQQ in line

And like the IWM, the 5 min chart is leading negative.

SPY 1 min positive this morning, not a big divergence and that is seeing a leading negative since filling the gap.

2 min is in line

And a reminder of what the last 2 weeks and two bounce moves have looked like

This morning there was no MSI pop in Most Shorted stocks, it's showing some relative weakness vs the SPX.

The USD/JPY's negative signal may have something to do with market action, although the AUD/JPY seems like the leader today...

Right now it is still in line, but the single currency futures will go first before a divergence on the pair so looking at the AUD...

AUD 5 min positive overnight turning leading negative which may flow over to the AUD/JPY, traders know what's going on as far as FX tape and how it effects stocks.