We traded 1160 in the S&P 500 Futures and rejected the level the first time up. This is exactly the price action I’ve been looking for since late last week.

This dance will now continue with new highs into the 1160-80 region becoming potential Bull traps. Buying new strength into this zone will be problematic for Bulls.

The trade will be very technical and tough today. Have we reached a short term bottom yesterday? Is it now buy the hard break time? As stated yesterday, I am not crazy about being short going into Jackson Hole.

Today should provide opportunity from both sides. As of now the board shows short term SPU strength over 1155 and weakness back under 1142.

We live in a world where every trade is the same trade. The markets and the individual stock chart patterns all look remarkably similar. Pick your poison carefully.