The European Effect

Right on cue, it seems the SPX is quickly losing gains and heading toward the psychological 2000 level with apparent deterioration going in to the European close. VIX is still green on the day and HYG looks like it has run out of gas from yesterday's second shot at SPX helping hand .

 SPY intraday deterioration yesterday in to, at and right after the European close, the same today, although already in a worse leading negative divergence going in to today.

The Q's didn't confirm yesterday and sat relatively quietly the rest of the day, there's confirmation this morning as mentioned earlier.

The IWM is also leading negative going in to today, but yesterday's European close deterioration is clear and today we're just in a worse area, although the IWM is making gains (it has been the laggard of this cycle that started on 8/1 with lift off on 8/11. The market usually doesn't distribute in to lower prices, but demand and higher prices with AAPL's crash from all time highs in 2012 as one time this wasn't true.

 DIA intraday deterioration yesterday around the European close and today.

TICK has just hit some new intraday lows at almost -800, the trend is clearly changing in intraday market breadth.

Custom SPY/TICK Indicator with the TICK trend falling apart yesterday after the European close and again today at the same time. This has been seen numerous times over the last week or so.

This was posted yesterday, short term intraday HYG chart saw accumulation after the loss of 2000 after the European close, it looks like it saw some light intraday accumulation to take a second shot at 2000 which failed yesterday, but stayed on today and is now seeing that divergence which was small in the first place, fall apart.