Opening Indications...

As usual, the 3C signals we see late Friday (in this case Thursday) after about 2 pm when the op-ex pin is lifted, look to have picked up where they left off, I think we have a little more time before a pullback (or perhaps something worse) starts, so that may give us some time to evaluate adding to positions opened Friday including VXX May calls and SRTY (UltraPro 3x Short Russell 2000); this is in line with late Friday's assessment of the market early this week.

EOD Update for Next Week

"My initial impression is we get a pullback early next week, I want to say Monday, but there may be a little more work to do before we are there"

I don't think this has anything to do with the overnight Japanese report of the largest Trade Deficit EVER or the escalation in Ukraine over the weekend in the city of Slaviansk.

Here are a few charts that support the theory from late Friday, I'll follow up with more from futures that are also right in line with expectations.

 The SPY is the only of the major averages that opened this morning with a negative 1 min divergence, QQQ, DIA and IWM's 1 min charts are all in line which is what may give us a little extra time as indicated above from Friday's late afternoon trade/analysis.

However... Remember that the signals after the op-ex pin is lifted around 2 pm are the important ones...

 This SPY 2 min leading negative looks like a pretty clear pullback is right around the corner, depending on how far out this migrates, it may be worse than a pullback, either way, I think it is tradable, thus the positions in VXX call and SRTY long from Friday.

Migration in the SPY reached the 3 min chart as a leading negative divergence as well.

IWM 1 min is in line on the open this morning, but the late Friday afternoon 2 min chart (and beyond) makes it clear that early action this week has a serious bias toward at least a pullback, maybe more if the leading negative signals/  charts migrate further out in timeframes.

 This is the IWM 3 min, if this hits the 5 min chart, then we are likely looking at something larger than a tradable pullback.

QQQ 2 min also showing a leading negative divegrence after the op-ex pin was lifted Thursday afternoon. This one is also leading negative on the 3 min like IWM and SPY above.

VXX which moves opposite the market (thus the VXX May $43 calls opened Friday) is in line on the 1 min chart on this morning's open, but the 2 min is clearly leading positive from Friday afternoon.

I think the Futures charts as well as the USD/JPY may be even more damning for a pullback scenario and as I said, if these charts migrate to 5 min leading negative divergences we may have more than a tradable pullback. Those charts are coming next.