Futures are off sharply this morning as investors grapple with the escalating fallout from Russia’s invasion of Ukraine.  ES was off as much as 130 points from Friday’s highs before the algos kicked in.

continued for members…

ES’ falling white channel is being stretched again, raising doubts as to the level and timing of the eventual target.

SPX’s channel continues to be the cleaner, more precise fit. VIX continues to signal a spike to at least 41.36. Currencies remain on the sideline, though EURUSD continues to look vulnerable. GC and SI are threatening higher, but remain off their recent highs.

Ditto for CL and RB. Even so, TNX remains broken down. Remember, the Fed will take lower interest rates any way it can get them – with rates driven more by fear than inflation at this moment in time.

More later…