Market looks quite heavy right now. All the action looks more like a bull trap. 870-375 is a very sweat shorting area, good for at least 20 points. Stop above 880.
Of course, need to keep an eye on FED, but what we see right now is a rice on low volume upward to 50% fib. resistance level and MACD divergence.
Here is ES (SPX futures) chart for more clear picture:
Still, I am a little puzzled though, as most of the stocks I follow have broken above previous resistance and forming bullish patterns. It would be interesting to see who leads whom, index will follow socks or the opposite.
