EOD Market Update

I can't find any divergences that would be even worth positing as far as today's intraday decline being accumulated to help push the SPX back above $2000 and have the market in decent shape (at least not -.75% decline), the day before AAPl unveils their new IP6.

I couldn't find anything in the $USD either, the only lever that looks active (at least until I see the updates internals after the close) is HYG as expected earlier today and the last couple of days. Translation, there's no market divergences for any market support beyond what was already there and in most cases 3C intraday is either in line or has lost ground, but HYG is a different story, also a few of the stocks on our watchlist/Trade Set-ups, have been hitting some alerts so there's a little support coming from market breadth intraday, however nothing from the MSI (short squeeze).


You can see intraday breadth improving...

 After a large intraday breadth decline this afternoon has a small area of improvement in to the close as would be expected for where we are right now (relative to the week ahead post, AAPL, etc.), however there's no doubt that the selling bouts are much bigger and stronger than any upside ticks (recall the -1400 to nearly -2000 TICK readings).

As far as I can tell, it's all about HY Credit, HYG specifically.

After a couple of failed positive divergences, it has a decent 2 min here, still it's 2 min, that's a pretty small divegrence I wouldn't even risk trading.

 Intraday HYG has underperformed the SPX, but this isn't of too much importance, what is...

The leading position HYG has had vs the market since August 1st, which has nearly been to the day, it's clearly leading the market lower so it will likely get a little corrective bounce here that helps the market out and back toward a new lower low and a trend change with the market (I suspect) hot on its heels.