Early Indications

It's hard to gather intent here this morning, but so far price action is in line intraday.

This is yesterday's 3C SPY chart, recall all of the different averages, assets and leading indicators that went south in to the close yesterday?

As posted in last night's, Daily Wrap:

"The closing 3C divergence suggests a next day (pick up where we left off) bit of softness in early price"

This is the concept of 3C divergences picking up where they left off and market wide they left off intraday negative at the close yesterday as you can see above. So far intraday trade is perfectly in line with the price trend, this doesn't mean we might not see the pullback and accumulation I was hoping we might see yesterday, but until we see accumulation signals and/or more lateral trade, I'd continue to assume this soft down trend is the most probable outcome until we diverge.

The Intraday NYSE TICK has also been in line with this morning's market.

Also picking up where we left off at the cash close yesterday with an early extreme of -1600, we still remain in the down channel. I'd keep an eye on this for early warning of any potential changes.

Index futures are also in line for the moment, I suspect there's some plan, some set-up coming, but right now it looks like an early morning drift, I wouldn't call it a very high probability environment at this particular place.