Another Market Pin (MCP Quick Update)

Today's trade action beyond this earlier update Quick Catch-up going in to the European close at 11:15, there hasn't been a lot of movement in the charts, reminiscent of yesterday's underlying action and the day before.

Take a look...

 Other than the earlier post with a negative divegrence intraday (SPY), it has been nearly perfectly in line.

The exact same holds true for the Q's

And the IWM.

Again it looks like the market is in a holding pattern like yesterday waiting for today's ECB meeting, considering 3 surprise easing actions yesterday and the anticipated QE from the ECB today with some pretty amazing upgrades to their economic forecast all things considered, I do find it strange the market hasn't made a significant knee jerk move , especially on the 3 surprise easing actions yesterday.

It seems we are in a much different environment than 6 months ago as far as the market's reaction to monetary policy, specifically easing.

I suspect if there is a holding pattern, it has everything to do with tomorrow's Non-Farm Payrolls at 8:30, although we do have a weekly options expiration as well and the max-pain ppin that usually comes along with that.

I took a look at Short Term VIX Futures (VXX) and it too is in line intraday, not being pressured lower here.

The overall trend though is as I would expect for the stage we are at in this cycle, thus I like the 2x long VXX ETF, UVXY.

I also checked in on TLT which I have expected to move higher the last 2-days as we closed the short term short position (it was nearly a  scalp trade when presented so it wasn't expected to last long), but TLT higher would also make sense for where we are.

The one thing I did notice was HYG intraday making a little run higher making me wonder if there's going to be a ramp attempt in to the close, although thus far I don't se the additional levers of VXX and TLT being bothered and I don't even see an HYG positive divergence, I'm not even sure if this small intraday move will hold.

So, there you have it, right now we look rather pinned down and in a holding pattern.

I'm going to devote a few more minutes to market analysis and check on a couple of Leading Indicators, then I'm going to spend the rest of my day on individual assets.

A few of you have inquired about MCP, the last major post we had on MCP was February 17th, MCP Alert in which the following was the gist...

"I think it may be time to take some or all of MCP off the table for now... The 30 min chart looks like there's a lot more gas in the tank, but also that a pullback is likely here, at least a pullback."

To that end of a potential new position as a pullback either resolves constructively or not, this is where we stand...

After a +300% move off the January lows, we exited on the 17th right at the top and decided to wait to see what a pullback (or...?) looks like.

I've been keeping tabs on MCP because so many are interested in it. While there are some interesting developments on this chart, there are several other charts in the "timing" range that I'd want to see move before I posted a Trade set up, but I am watching it and there has been movement, just not at high probability/low risk quite yet.