Opening IWM Plunge

That was quite an opening plunge in the IWM/Russell 2000 and TF/Futures, taking out all overnight gains and eating in to yesterday's afternoon gains.

 TF / Russell 2000 futures in to the cash open with a steep sell-off.

At first I thought it to be related to max pain options expiration positioning as it was moving near to the upper range limits in the $118 area (IWM) .

For a better perspective of just how much it gave up and just how quickly, here's a longer view of TF from the overnight session to present.

 Although making gains most of the night, it also carried the same negative divegrence posted last night, thus the move this morning was quite steep, easily eating in to yesterday afternoon's gains.

Although the Russell did bounce back, interesting, especially compared to yesterday and even more so the day before, intraday breadth is extremely light as the NYSE TICK shows below.

 Yesterday's range with some deep downside ticks was also spending a lot of time above +1500, even on the recovery bounce this morning in the IWM, TICK is in a VERY narrow range of only +/- 500 (yellow), which is even more interesting compared to Wednesday's range, a very thin, small range for such moves.

 The ES 1 min chart is closer to in line

TF is in line as well, but with a much uglier start.

 And NQ/NASDAQ 100 futures is also in line with a very negative overnight 3C chart.

The 5 min charts are not of much interest, closer to in line right now than anything, but just as seen yesterday, then to a greater degree last night, this morning's important 7 min charts continue to see the negative divegrence/distribution of gains deepen.

 ES 5 min after being in line with the last 2 days or at least day and a half.

And TF looking much worse.

However NQ 7 min looks even worse.

We shall see soon if the charts of the averages continue to deteriorate today.

So far an interesting start.