Opening Indications: Ukraine Cease-Fire

It appears, after many false starts, rumors and retractions, the Rebels and Ukraine president Poroshenko have signed a cease-fire agreement or at least the preliminary protocol in Minsk, to take effect 6 p.m. local.

Details of the plan, apparently being put forth by Putin are not immediately available, however numerous top political leaders including Merkel have all said the agreement has been signed, which may cause an end to Russian sanctions, at least any new sanctions which the EU desperately would like to see for economic reasons not to mention the possibility of winter natural gas prices rising as 1/3rd of European natural gas is imported from Russia who holds that as a trump card over EU sanctions which have hurt the EU economy and caused strife between EU/NATO countries, especially Germany and France.

Market reaction:Neutral.

We have the same chop that was in place shortly after the US Non-Farm Payrolls came out.

The opening indications which got no help at all from the Most Shorted Index have slight positives from yesterday's late day action (you may recall I was watching these to try to decide whether an AAPL call position was worth the risk)...

Gold, oil and Treasuries which had an initial knee jerk higher after the NFP this morning have stalled.

 SPY 1 min intraday positive divegrence forming from yesterday afternoon, however divergences in index futures don't look very good with the exception of r2K futures.

 The SPY (15 min) has seen serious damage on the week as the reversal process has been lateral around the 2k area for SPX most of the week.

QQQ 1 min

QQQ damage done this week, the same chart pointed out yesterday.

IWM 1 min small positive from late yesterday, index futures here may have a decent divegrence so this may be the one to watch early on.

However for the week, again, deep 3C damage in the reversal process area (30 mn chart).