Thursday, July 23, 2015

Support

The USD/JPY is still having a hard time, mostly on the $USD front, but the earlier Yen Futures we saw with a very slight beginning of a negative divergence has picked up a bit and HYG is not selling off so it looks like the typical, "Once Wall St. decides on a cycle, they stick with it", which is a bit surprising in this scenario if the uncertainty of Turkey/Syria is on the table, but there's a lot of money in those options expiring worthless.

 Yen Futures intraday with a worse negative divgerence. They start to slide with the $USD holding in place or even rising and the USD/JPY supports the market.

 $USDX is line right now.

 And a growing USD/JPY positive divergence, remember this is a 1 min intraday chart, that's it!

In addition, I've been watching HY Credit as it was activated yesterday as a lever of support.

 There's an additional positive on the 1 min intraday and it's holding green on the day.

The 2 min chart kind of pulls it together. Not a raging divergence, but enough for some support, especially if it starts moving to the upside.

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