On Monday, the market opened with an intraday bear trap. The S&P futures dipped to -15 points before turning up and forming an intraday V-bottom. By 11 am, the S&P had returned to Friday's closing price of 1,881. It closed slightly higher at 1,884, up +3 points on the day (+0.19%)

The Nasdaq closed up +14 points (+0.34%) and the Dow gained +17 points (+0.11%). Volume was weaker than Monday's volume, and all three indices traded below average volume. Breath, which went as low as -1718 in the morning session, closed a -69, not strongly positive. Advancers and decliners were about even, although down volume was heavier with a 3-to-2 edge over up volume.

Today was a missed opportunity for the market to have strong up day by taking advantage of a down open that trapped shorts. Instead, the Nasdaq close below Friday's high and still below its 50 EMA. The S&P also closed below Friday's high. So we're still in "wait" mode to get a strong statement about market direction.