Short Term Trading Week Starting: 19 Feb, page-212

Well that was interesting.

S&P/ES/SPY : 2734/2734/273.30
Post FOMC minutes, the financial sector and short covering created a high volume green hourly bar, but this was clearly algo-mediated.  That rally got faded with extreme prejudice.

Financial media desk personalities were very bullish, proclaiming the Fed minutes dovish.  There was some mild mannered disagreement in the background but it was drowned out by those who feel that hot economic numbers and tax cuts are good for stocks. Now the tenor has turned going into the close.  I detect a little bit of trepidation on the part of floor traders.

https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20180131.pdf

NYSE Breadth
A-D Lines have deteriorated substantially and now approach the flat line. Uvol-Dvol is under water and is one of today’s only truth givers in this area. Cumulative TICK reversed its upside trend after the fake initial rally. TRIN is 1.72

Implied Volatility
The VIX is down -9% now.  VXH8: 18.00.  VXJ8: 17.72 VIX: 18.59

Open Interest
2720 seems to be in play but there is more interest at 2700.  Like net vol and TRIN, open interest  was also a truth broker today.

Commodities
Gold (-.40%) has fallen in the wake of the equity sell off and further Dollar (+.43% at 90.97) strength.  Copper futures are holding on at (+.38% or 3.2020) and Crude Light Futures (-.92 at 61.22) are also responding negatively to the post FOMC Dollar strength.

Debt/Bond/Treasury
The 5-Year Note auction results are as follows.  High Yield:2.658%, Bid-to-Cover: 2.44%, Indirect Bid: 58% and Direct Bid:12.7%.  Demand was good. But the market seemed not to care, as the 10 Year ZN futures contract is now - .30% and stocks have followed it down as yields rise again.

S&P Futures