Early Indications

Right off the open which was already moving down on USD/JPY downside, which initially looked like an op-ex pin correction, several small events happened that seem to be taking on more meaning as we get more data in on the day.

The VXX hit sops on a positive divergence.

 This is VXX and the large volume spike is right on the open below a support level, it looks like some stops were swallowed up. I almost put out a UVXY TRADE IDEA or fill out on the partial position already opened, but decided to give it a little more time as this is still very early in the day and there's time fro a lot more data.

High Yield Corp. Credit, the lever of first choice did not act to support the market this morning, it lost ground as well in to a developing divergence pointed out yesterday.

And the SPY's opening move that looked like an adjustment to the max-pain op-ex pin, I'm not so sure with market breadth as bad as it is, see last night's Daily Wrap for market breadth charts-HORRIBLE.

 And I was watching the Q's very early on for any sign of upside confirmation after GOOG's earnings reaction yesterday, however there was none and has been none thus far.

 Gapping in the opposite direction in the Dow, which as I have said several times over the last free days that it has had some of the worst charts through the averages and futures which I find a little strange as large caps tens to hold out longest and hold up best. However you can see for yourself, the move down in DIA is not unexpected with this kind of a timing divergence on top of already stronger underlying negatives.

 The IWM is also taking on a similar look at the area that would be its head fake so far.

And just after that, TICK broke down to reflect some worse intraday breadth, certainly along the lines of the daily breadth charts posted last night.

This morning just has an uglier tone/feel to it. We still have a lot of time on the day so we'll see what else develops, this was just an open that caught my attention and not in a good way.