Market Update Part 2

In taking a wider look at some things, honestly I didn't find what I was expecting, although I can't argue with the HYG divergences posted in the last update, Market Update or the Index Futures 3C charts.

I did find what I already knew I'd find in yields as they have been trashed today, not only in the US, but globally.

5 year yields suddenly and deeply dislocated on the day.

10 year yields as well

And 30 year yields.

Here's a longer term view of how yields tend to pull equities (SPX in green) too them.

 30 year vs SPX.

HY credit wasn't constructive, but I thought maybe it would look a bit worse.

What did change in the mean time is the market averages suddenly look a lot more like the Index futures' charts.

TICK is trending subtly down.

 SPY intraday leading negative

SPY 5 min leading negative

 QQQ 1 min

 QQQ 3 min  negative

And the next stage trend, QQQ 15 min continues to deteriorate.

IWM 3 min hasn't really even crossed the minimum upside target, so I would not expect to see a lot of selling as of yet, but the 3 min chart is showing something today.

The shorter 2 min is quite a bit sharper.

The way things are setting up now would be more in line with the breadth indications from yesterday for a 1-day overbought condition and a red close today.

While I didn't find everything I thought I might find, yields are certainly no joke, they are one of my favorite indicators and they are severely dislocated today.