Quick Market Update

As expected the averages have sen some upside since the TLT continued negative divergence which has not seen the kind of decline I expected to see, but has gone from a parabolic (intraday) uptrend to lateral over the last 3 hours. This leaves a pretty substantial Leading Indicator divergence between yields and the broad market. Whether TLT will pullback (which I would have thought would have happened by now), it's a very small, short term divergence in TLT.

VIX has obviously been smacked down, which I'll post in a follow up, however VIX short term futures (VXX) are already showing signs of accumulation on today's move.

As for the averages, there's a surprising lack of even intraday support, this may be manifesting itself right now in some downside that has taken hold of the major averages.

I'll be posting a full update with charts, but as I have been trying to get across (specifically in last night's Daily Wrap) is that the move to NASDAQ 5000, the market is "Rising in agony".

I don't know if there's some influence being felt ahead of tomorrow's Yellen Congressional testimony to complete the 2-day Humphrey Hawkins semi-annual report , but things are not nearly as strong as they may look.