Kind of quiet out there this morning, so you get lots of charts!
Economic Calendar - Consumer and investor confidence at 10:00
Earnings Calendar - Nothing huge bust worth a glance.
Emini 60m - What some are calling wave 1 down (blue) and wave 2 up (gray) are clearly seen here. The green diagonal line is the market support line going back to August. Notice how narrow the up channel is compared to the down channel and the decrease in volume with the upside move. Watch that green TL and the channel. If they crack I believe the bears will have the momo again.
Oil - Trending up in a large channel (yellow) and may be getting a little toppy. Nearing the 50% line of the channel with indicators kind of toppy, but still have room to run. There should be a lot of resistance in this area.
SPX should be about to roll over here and give the bears the momo for a little while. It does not look like a big 3 down is coming as should be expected by EWT, but you never know. Let's be patient and let the set up come to us.I assume i will be short somewhat (maybe 1/2 position) before the day is over.