Opening Indications

And this is why we don't chase anything and specifically why I never trade pre-post market...

 Pre-market ES futures ramp faded right on the open, of course there was no 3C support, in fact a negative divegrence.

 And SPY's gap up on the open faded.

 The IWM looks like it too will come down...

 However the base area and the head fake area's size (I said yesterday it was too sharp and needed to be widened out), is now reaching the area where it should start looking good for a trade, I wouldn't say we are there yet with intraday charts, but these can change in a matter of hours.

What's getting interesting is the accrual of all of the smaller positive divergences on longer term charts like this SPY 60 min positive.

 Or the IWM 15 min positive...

Out to a 60 min positive

DIA 30 min positive

And DIA 60 min positive.

The VIX Inversion has a rather large buy signal as fear is at very high highs and the SPX/RUT Ratio is showing a sharp positive divegrence.

I suspect we see some intraday charts shape up soon,  I also suspect any upside reversal will come with little warning as that's the most effective way to catch the most number of traders off guard and with strong momentum, to change sentiment the fastest.

So I'll be busy looking at the averages, futures, leveraged ETFs and leading indicators looking for that signal as I suspect we won't have much time, but I'm not entering anything without a solid foundation and solid signals, I'd rather miss the trade than risk money on a sub par trade because I'm worried about missing a trade.