Market Update

Now the market is getting a bit more interesting and I'm not talking about price only. Remember we have an op-ex Friday tomorrow, if memory serves me correctly, when we were very bearish and right near the lows before a move up, they ran the market higher to cause all of those puts to expire worthless.

With the Q's closing in on $100 and the SPX not that much of a pipe dream from $2000 (psychological levels), you have to wonder about tomorrow's op-ex pin.

In any case, remember yesterday I said , "Watch the 30 year yields, they're leading price" and this morning just about everything was in line or slightly bullish...

 SPY in green and the 30 year yield in red, however it would be disingenuous not to include this chart as well...

SPy in green, 30 year yields in red, just a little larger perspective.

The more interesting part of the day is not only the VIX Futures which have a larger positive divegrence on that 60 min chart than they did on the last leg down, but the intraday 3C charts and their reaction around yesterday's close.

 The SPY intraday chart is certainly not in line...

The longer 2 min intraday goes negative right at yesterday's close, I'm guessing a move above yesterday's intraday high would cause some more bull buying and call option buying.

The IWM was in line as shown earlier today, that changed and again, right around yesterday's close (green arrow).

 The divergence in migrating like the SPY, still early, but migrating, again at yesterday's close and above.

And moving now to a 3 min, that's still kind of dull action, but from in line to 3 timeframes of migration, it's getting more interesting quickly.

 QQQ which was in line intraday, also started going negative at yesterday's close which is where VWAP was.

QQQ 2 min with migration as well, also very close the the centennial/whole number (psychological) $100 which is a magnet.

Things may start getting interesting sooner than later. That 60 min VIX chart looks like someone put a lot of money on the belief things are going to get very interesting sooner than later, to the downside.