Yesterday as you know the Russell outperformed all the major average (excl. Transports), today it was off to quite a start, however the daily candle is looking a little less than stellar...
IWm (Russell 2000) daily candle at a Shooting Star which is a bearish reversal candle, even though it's very early in the day.
We finally have something on the charts....
This is the 5 min ES/SPX chart which has a small positive divegrence from the overnight session, if anything, I'd expect a rotation to the SPY and NASDAQ based on the charts.
The NASDAQ futures also have a similar looking 5 min futures .
However, the TF/Russell 2000 futures chart on the same timeframe does not look good, a clear negative divegrence, the first since yesterday's lack of clarity.
I'm going to take a look at some assets and see if there's anything worthwhile, but I suspect we see the same kind of divergence between the relative performance of the averages today as we saw yesterday, except with the IWM leading to the downside with SPY and QQQ with better relative strength.
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