Futures Tonight

I hope everyone had a safe, happy long weekend, tomorrow morning we'll be at it in full swing.

I was watching futures earlier and decided to hold off on this post even though all the 5 min Index future 3C charts are negative.

There was a test run in USD/JPY at the time, it was parabolic and testing the important $102 level and I thought it would fail because of a 3C negative divegrence and in true parabolic fashion, it failed EXACTLY as it should have or as we'd expect, especially with a negative divergence going in to it.

There's not much more if interest right now, but the failure to hold $102 is significant, it is the Maginot line near term for the USD/JPY.

This evening's 1 min USD/JPY chart and the parabolic run up and expected failure with a clear 3C negative divegrence, the move itself was small and insignificant, the failure to hold $102 is significant and pressures the market as well as the 5 min negative divergences in Index futures, plus you saw Friday's posts and the EOD post of the QQQ.

I'm hoping we can set up some core or trend shorts and select longs early tomorrow or early in the shortened trading week.

I'll see you in a few hours.