Intraday Index Futures Deteriorating

Along the lines of the last minor market update just posted, you saw the 3C distribution in to attempted higher prices. The Index futures are looking pretty bad intraday.

I have some more analysis to do, specifically on currencies. I believe the EUR/USD is going to catch a very short term bounce, the USD/JPY is going to come down and the $USD will come down a bit.

This means short term oil and gold will likely consolidate or correct to the upside, however the $USD bounce divergence is quite strong so I fully expect it will reassert itself.

Near term though this likely means equity weakness, and crude and gold either consolidate or maybe bounce.

For my purposes, I'm not too concerned about crude or gold, nor the currencies as there have been some big moves in the last 2 days, especially in $USD or $USD pairs, some consolidation would be normal. I'm not taking any action at present regarding this issue, but the drift lower of USD/JPY is likely part of why Index futures are looking worse on the intraday 3C charts.

I'll have a currency update out shortly, I almost have all of the charts.