Since we already have the macro charts, which are pretty easy to remember as we have not had such large macro divergences since I can remember (since using leading indicators), I'm looking mostly at intraday ones.
VIX futures have held up better than they should and refuse to make lower lows, there's still a strong bid for protection holding them up.
Spot VIX is the same intraday, it should have made lower lows which it isn't, again bid for protection is holding them up.
TLT is rallying with the SPX, "Flight to Safety Trade", this is causing a large divergence between 30 year yields and the SPX which has been following them like clock work. 5 year yields are also divergent intraday, big time, this market looks ready to collapse right here at this point.
HYG is in another massive intraday divegrence as well as the huge macro trend divergence, the risk asset of High Yield credit (like stocks are a risk asset), wants nothing to do with this move.
High Yield Credit also, a risk asset, wants nothing to do with this move.
Professional sentiment are not only negative on the macro trend and intraday, but they are in full retreat intraday, a huge intraday divergence.
I suspect we are very near an intraday downside reversal. I'd keep an eye on the intraday NYSE TICK.
I'll post charts, but wanted to get this out quickly in case anyone is day trading.
5 years ago
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