Market Update

I think I see why there was some discrepancy between the XLF/FAS/FAZ 1 min charts, there's some short term intraday signals that look like they want to (for the most part) try to ramp in to the close, however they remain short term signals, mostly the intraday steering timeframe of 1 min. When we look at the next timeframe, which if a divegrence is strong enough, it will move to, the 2 min, we don't see any strengthening in almost all cases, thus this looks to be contained to an intraday attempt at perhaps a closing ramp or perhaps a divergence that is reflecting the dislocation between USD/JPY and the Index futures intraday, expecting the algos to send the Index futures up to the USD/JPY short term intraday correlation,  this would have no real influence on me as far as entering positions other than perhaps option positions in which I want the very best timing possible.

As far as the levers, there's no SPY Arbitrage active. HYG is not active, TLT is not active as far as helping the market ramp, in this case it's the opposite, it's pressuring the market downward, VXX has a slight intraday negative divegrence that stops at a 1 min chart.

The possible mixed signals intraday may reflect the fact that the USD/JPY may not have that slight leading edge for long as the 1 min $USDX is leading negative which would pull the USD/JPY lower and cancel any difference between the Index futures' and carry trade's correlation.

Again, this is likely myopic and making a mountain of a mole hill, but this is my job to look for anything that influences trade near or longer term.

As to the USD/JPY / ES correlation...

The USD/JPY in green/red candlesticks vs ES in purple during the cash market (green box) with ES flat or down intraday and USD/JPY up a bit, but again, the $USDX has a sharp 1 min negative that will likely pull the FX pair lower shortly, which is why there may be some discrepancies in short term charts.

 1 min QQQ has an intraday positive that looks like a ramp attempt in to the close, but the divegrence has no further strength behind it as it hasn't even migrated to a 2 min chart which is a much more important signal for me presently as far as near term positions I want to enter.

 QQQ 2 min timing, but stronger in a clear leading negative divegrence at the place and time I was expecting to see it, the Santa Rally start, after traders initially went long for the Santa seasonal rally.

 The IWM is one of those discrepancies with a leading negative intraday 1 min chart, just as XLF/FAS/FAZ has some discrepancies leaning toward the negative (XLF and FAZ confirming downside while only FAS was looking for a closing ramp higher).

 IWM 2 min is much more important as a near term timing signal, leading negative in to the start of the Santa rally.

DIA 1 min shows some intraday 1 min positive activity, but no further than this. The more important signal is at the 2 min chart. again...

Sharply leading negative.

The SPY shows earlier weakness intraday with a positive toward the EOD.

 2 min doesn't tell us much as it is nearly perfectly in line.

The TICK Index has been in a tight range all day, no trends at all other than sideways and between +/- 750.

As for intraday futures, TF and NQ are inline and ES 1 min has a negative divegrence.

Once more, this is probably not even worth the post, but since I saw this on the Financials 1 min, I thought I'd mention it as it's obviously coming from the broader market.