Good morning.
There really hasn't been anything market moving in the overnight session which means the market stays on it's predetermined course until the booster or gas in the tank fails, as you know we expected a few more days of the bounce through this week before stocks turn lateral and then back down to make a lower low (Russell 2000 is the bellwether) .
It looks like the USD/JPY will be in the driver's seat today in regular hours...
USD/JPY vs ES (purple) 1 min chart
The USD/JPY doesn't have any major divergences in it yet to hold it back from driving today.
The price action should be a continuation of trying to reach the upper standard deviation of VWAP where we find the sell zone.
We are starting out the day with ES and the other Index futures in line, however the deterioration expected to advance this week has...
The 5 min charts as shown yesterday have fallen apart after a week of holding together at the start of the bounce and now we are watching for price to start to round over here.
Also this week the 15 min charts have specifically deteriorated badly , for most averages it still a matter of seeing their base divergences mostly on 10 and 15 min charts turn, I suspect we are likely within a day of that, perhaps today.
Otherwise there's really nothing special or unusual going on, just a Wall St. cycle, it's what comes next that is special or unusual.
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