Market Update

This morning so far, there isn't much in short term underlying action that is surprising or differs too much from price movement, price movement at this point appears to me to be fundamentally flowing, meaning moving in reaction to each question.

I do see some underlying activity that shows some softness in underlying activity except in one average, the NASDAQ of course which is 32-33 points from the $5k magnet.

A picture is worth a thousand words, there's little doubt that NASDAQ $5k is being targeted, however there's also little doubt that the market is struggling to get there.

 SPY intraday getting a little frothy and at some risk of seeing some downside from here.

 The IWM in the same situation...

However the Q's are perfectly in line intraday.

I think the reason for this is pretty clear.