Market Update

As I said early on today, it's likely going to be a very dull day.

That said, virtually nothing has changed since and the base for a bounce/gap fill is still under construction with some slight improvement here and there. I'm getting ready to go through Futures and Leading Indicators so I'll add those in as well, but I'm really wondering if this was simply meant to be a gap fill as the market has been ruthless about gaps for the last several years unfortunately and/or an op-ex pin that's a bit higher being tomorrow is Thursday.

In any case, a quick look...

 The intraday TICK has improved a bit so I'm guessing we are getting closer to our bounce which really was something we started looking for yesterday.

 The 1 min SPY has improved a bit intraday.

 As well as the 2 min. If you recall, there's a positive divergence out to 5 min in the SPY, but if you remember I also showed the same chart in context of the wider trend and it's very ugly. I believe those were two of the charts I posted yesterday and asked, "How would you trade this?".

 The High Yield corp. Credit chart which has been declining and has been in line has a 1 min slight positive divergence so in addition to the USD/JPY bounce indications (market support) in yesterday's futures, it looks like there's some HYG lever pulling as well which tells us that this is a pretty darn weak market if they need that much lever pulling to get a bounce off.

As a reminder, the entire bounce cycle on a 10 min QQQ chart, deeply leading negative so I guess once again the question can be asked, "How would you trade this?"

I'll let you know what the other charts look like, but I don't expect any big surprises.