USD/JPY

The $USDX reversal is still holding pretty well, but holding is not quite enough which is nwhy I suspect the SPY Arbitrage was activated.

Right now the USD/JPY intraday is looking like this.

 USD/JPY 1 min with a positive divegrence in to the European open and a leading negative now at new lows.

This is the correlation between USD/JPY (candlesticks) vs ES (purple).

Also TLT continues to diverge positively in to today's lower prices as does VXX and HYG is diverging negatively in to it's slightly higher prices that are giving way.

In other words, the manipulation lever of the SPY Arbitrage used to levitate markets intraday, is failing and the flight to safety and away from risk in increasing.