Opening Indications

Good morning...

The futures activity overnight has been blamed of course on the Ukraine situation and escalation, oddly enough though this situation has been there for months now and hasn't caused the market to move.

On the other hand, last week we saw the Index futures move from 1 min negatives overnight to 5 min negatives and through the next trading day to 15, 30 and all the way out to 60 min negatives which are still there, this was significantly BEFORE today's escalation and bloodshed in the Ukraine.

Friday afternoon I had looked at a lot of possible trades and concluded,

"There are a lot of potential trades...they are missing a few charts here and there, the only thing I can think of is that they need a day or so, as in a Monday entry."

Meaning we are right there, but as far as entries, we probably need a day for a "Full House" of multiple timeframes to evolve to the highest probability and what I see in opening indications doesn't argue with that too much.

 This is the fastest intraday chart, negative Friday afternoon so the gap down isn't surprising as 3C signals tend to pick up where they left off and this was pointing negative Friday afternoon for intraday trade.

This morning at the lows an intraday positive divegrence halted that little slide after the gap down and bounced the market.

 However the 2 min trend shows clearly the damage  as well as showing the small positive this morning.

I think we have at least today to let a few charts resolve to going from great looking trades to excellent looking trades, that little bit of patience looks like it will mean a lot in positioning.

And of course the current cycle that we are dealing with in which we saw a bounce coming on the 11th and prepared for it, such as Closing SQQQ (long) Trading Position on 4/11 and Trade Idea: Opeing QQQ May $84 Calls on the 15th as we saw the trades were ready to move to the upside and by 11/22 we were closing longs... Closing MCP Long Trading Position For Now.

The trend makes it clear where we want to be trading long, where we want to be exiting, and where we want to be patient.

This shows the 11th, the 15th, the 21/22 and where the chop meant the reversal process was/is taking place, a place to be patient to set up the next round of trades that have a chance at something more than a day up or down and we look to be pretty much there.