Opening Indications

I'm not going to put up too many (if any) charts in this post as I suspect the market and underlying trade will be fat moving. As far as the averages, the SPY 1 min is falling short of confirmation.

 The DIA 1 min confirmed on the open, but has since put in a small negative (relative) divergence. The 2 min chart is not seeing confirmation so there's not a strong move in the 1 min as it would have migrated to the 2 min. With a little more time it's possible, but I suspect there's going to be more selling in to this strength than buying.

The QQQ has good confirmation on the 1 and 2 min timeframes, the 3 min is not there, but it is still early and it may take that chart a bit longer to catch up. You see the outperformance in the QQQ? That is what we were seeing late last week and the reason for Friday's QQQ call position.

The TICK chart was a big mover on the open as it should have been, but it's not holding up well right now, it has been trending down toward zero since the open at +1250.

Again, I don't want to rush in to premature decisions, but big profits in call positions might be worth taking some off the table.