Stocks Get a Little HYG Goose

Just watching intraday action, I noticed this little HYG goose, but it doesn't seem to be holding, this may turn in to an interesting opportunity to use some price strength for position entries... I'd like to take a look at a few more indicators, but here's the HYG goosing...

 SPY green vs HYG red...

 HYG intraday.

When we have large HYG divergences like at the mid-October lows and the week in front of that, we're looking at support for a move. As I said back in mid-October when making the case for a strong move up, "There's only one reason to accumulate HYG".

These smaller intraday divergences are not exactly the same, their more along the line of VIX smack-downs, but even with that, it doesn't look to be holding well thus far.

 While SPY as well as every other major average have been in line all morning, there's a relative positive divegrence at the morning lows (white arrow).

The Q's are the same story as above...

The IWM is in worse shape, there's no positive divegrence (rlative) and it's not holding well intraday, less than in line.

Of course IWM has seen some strong deterioration recently.

 Here's what the morning looks like from a breadth view, as you can see the HYG goosing is already fading.

And just using the NYSE TICK, again the goosing broke the trendline and is fading.

It's hard to say what the reason is for , perhaps to hold the market in place like yesterday in front of the ECB (NFP tomorrow) or it may be a more useful move , a timing move, that's why I want to look at a few more indicators.

In fact since starting this post, there's already additional 3C deterioration, the first time it's not in line today...

 SPY negative intraday for the first time, it has been in line all morning...

 QQQ divergent for the first time this morning on an intraday basis.

And IWM doing the same, perhaps looking worse.