A.M. Update

Once again the overnight session has seen Index futures rise and what seems like a heckuva stop hunt on no news our fundamental catalyst.

ES 1 min negative divergence

TF 1 min negative divergence as index futures took off shortly after the European open.


I don't think this holds, and I still believe we are going lower. Whether or not the market can put together a base tech and support something more than this chop remains to be seen.

 ES 5 min negative divergence

 TF 5 min negative divergence

As you can see, the divergences are there to send the market lower not only on the overnight stoppani but on the move we have been looking for since Wednesday.

 As for treasuries, this chart of 30 year treasury futures shows yesterdays decline has turned into a reversal process as expected which means we'll likely be entering the second half of the TLT long position

 This would be the entire base in 30 year treasury futures.

And I'm still very much expecting Gold to come down as you see YG/ Gold futures above and this goes for oil as well.