The 3C Next Day Concept Hold Up

Beyond the USD/JPY intraday negative divergence, right up until the cash open we didn't have anything other than "in line" or 3C price trend confirmation , however the concept of 3C charts picking up where they left off during the cash market, worked once again. For newer members, this is the link to Friday's The Week Ahead post and the early A.M. expectations based on how the 3C charts closed Friday,

"As for early action next week, it looks like early weakness on Monday, although I think it will regain some strength in the later part of the day or some time afternoon-ish."

Almost amazingly to me even though I've seen it so many times, price action picked up right where it left off on the intraday negative divergences in place at the close Friday.

 SPY and its closing intraday (Friday) negative divergence...

QQQ and its closing negative

And IWM and its closing intraday negative divegrence.

Amazingly they all picked up, literally right where they left off on Friday. For newer members, this is a "Cash market" concept, although we have seen it happen in futures activity, it is really seen most often in the cash market hours.

So once again, the concept pulls through and we start the A.M. session off with early weakness.

The rest of the The Week Ahead post from Friday afternoon can be found here. I did expect early weakness to give way later in the morning, however we are still watching for what I expect will be continued deterioration in to our bounce off the 1/15-1/16 lows.