Looks like USD/JPY Lever Will Give Out

In this case, the market's bounce is only as good as its levers that ramp it as USD/JPY did overnight...

 ES / SPX fitires in purple vs USD/JPY (candlesticks) overnight, you can see the early morning hours ramp and then on the cash open at the white arrow.

True this is only one of about 4 levers being used, but it's the one that did the heavy lifting as expected from yesterday and it looks as if it's near giving out.


Although the intraday 1 min Yen is positive and should move higher soon pressuring the USD/JPY lower, this is not the REAL problem, it's in the $USD.

The 1 min USD is negative, but again this is not the real problem, this is just intraday stuff, the real problem is below...

 $USDX 5 min LEADING negative right now with the timing 1 min chart negative and the stronger...

7 min $USDX leading negative  as well in a parabolic move. It looks like one of the market's support legs is about to give out, which I bring up to show you WHY I WOULD BE USING PRICE STRENGTH TODAY TO SHORT IN TO, I don't think it lasts very long and after yesterday morning's snap and last week's crack of the ledge, I think we are a lot closer to something a lot uglier than yesterday's first 30 minutes of trade.