holland - again that's your choice, clearly the 1575 ish area is an important area, and folks who covered shorts last week at 1540 on Thursday are happy to be able to re short 25 points higher!  However again you have to make this decision, I'm not a registered investment adviser, I can't advise you or tell you what to do, I can only point out important levels and analysis, you have to make the decision.  One could short here with a fairly tight stop, or wait for some kind of trigger at least on a 5 or 15 min chart whether that is a MA cross or trendline break etc.

For now the very short term 5 min chart has a flag look to it, with today's gap and go and the 15 min rule - it's possible that the market turns into a trend day and just holds up most of the day or into the last hr and in that case for me I wouldn't bother to even think about a short until end of day, but it's a little early to tell I'd like to see Europe close first.  If you decide to take a short, just have a stop in place.  For now personally I'm just watchingand in fact I may turn on my 5 min ES system as it tends to do well on these gap and hold days

For now the gap indicator is negative as it is below the gapless PSAR.

Otherwise this can flip and remember to employ a 15 min gap rule where you draw a horizontal line under the 15 min candle low and candle high

for now the gap indicator is positive, however also employ a 15 - 20 min gap rule via drawing a horizontal line at the 15 min candle high and low.

if the gap holds, then I suspect today will end up like a lot of these large gap days end up, as trend hold days where the market drifts slightly higher and holds up all day into the afternoon, then maybe you get a little pullback late in the afternoon, but otherwise shorting a trend day is a waste of time because each dip is bought, the only time to look is the last hr of the day.

and of course watch the 60 length stochastics on a 5 min chart, generally they stay over 80% all day or most of the day.  Also watch the MACD on a 5 min chart, generally it will recycle back to the zero level and price back to the 50 SMA

Yes follow a 15 min gap rule, do a quick search on the blog using the key words '15 min gap rule',

remember to employ a 15 min gap rule, since 15 min has past, it's positive.  Needs to hold above the 15 min gap low.  Today could turn into one of those typical days where the market holds up all day long and drifts higher and only pulls back in the late afternoon, we'll see...

Forgetting the wave count for a min, the horizontal rectangle pattern measures roughly 20 points from 1150 - 1170, so that give you a target of roughly 1190, again it doesn't have to go there, just just one potential.  

otherwise today let's see if the gap can hold.  Imploy a 15 min gap rule, do a blog search on that if you dont' know what it is, basically draw a horizontal line on the 15 min low and high

My TS gap indicator really isn't telling me much, therefore instead just employ a 15 min gap rule (see the link below), and watch to see if the intra day pivot at 1161 holds as support for the SPX

http://breakpointtrades.com/blog/post/122181/#122187

$SPX  - that's why last night I stated that this option was not invalidated because wave B's usually have a deep retracement and got close to the 61.8% Fib.  

remember I've posted this for a couple years now should be pretty clear, positive means the gap looks like it will hold negative means it is likely to fill.  

however we are looking at very large gap, I would employ a 15 min gap rule, do a quick blog search on that to ready more about it

Anyway yesterday on the blog I stated that the market feels like a time bomb ready to explode with all this news, plus the VIX gave a buy signal yesterday, the market is extremely volatile and we are seeing this.  It makes swing trading extremely difficult.  

My gap indicator has been positive from the open so far, it's the gapless PSAR on a 6 min chart.  Otherwise also follow a 15 min gap rule, for details on the 15 min gap rule do a quick blog search using key words 15 min gap rule

dukeseegers- it's best to do a blog search, many things have been discussed multiple times, here's the result of a couple searches

Gap Indicator

http://breakpointtrades.com/blog/post/148345/#148351

15 min Gap Rule

http://breakpointtrades.com/blog/search.php?search=15+min+gap&topic=Education&poster=matt&startdate=&enddate=&page=1

I'm sorry, I've had a few computer glitches this morning, the gap indicator was on a buy on the open.  Right now it has switched over to a sell, however it's still early so switch over any time

Another guideline is the 15 min gap rule, which I've posted how to use, if you search the blog you can find examples and writeups for this

http://breakpointtrades.com/blog/search.php?search=15+min+gap&topic=Education&poster=matt&startdate=&enddate=&page=1

On a gap up in the market, watch your gap indicators like the 15 min gap rule and gapless PSAR (Michael can you post what yours says), again I won't be here to post what I see, I'm leaving and will be back around noon.

that's what the old 15 min gap rule always said, you draw a horizontal line on the low of the first candle, then draw a horizontal line on the 15 min candle high, if you fail to follow through past the 15 min high, it's negative, if you break the 1st bar low, it's of course negative as well

so yes obviously today the gap indicator showed a negative bias by not breaking the 15 min high and closing below it, and then again by closing below the opening bar low

keith, I added a comment and example of the 15 min gap rule guild line to the post

see how the market holds up the 1st 15 - 20 min i.e.

as far as sticky notes, I try not to have too many because it's they take of room and the blog is already conjested.  That's why it was a novel Idea to make a trade ideas button on the top right instead of a sticky.

As far as the gap indicator conflicting with the store?? That's a really odd thing to say and I don't understand that comment.  I have no idea how there could be a conflict.

Also you all know about the 15 min gap guideline, if not do a blog search, the rules have been posted many many times

If I see something notable on switch which is one of the guildlines for the gap indicator, I'll let you know

you also incorporated the 15 min gap rule which is nice to see :)

for anyone who has questions on the 15 min gap rule, please do a blog search with those key words, there are lot's of examples of it

so far it's positive for now, also use a 15 min gap rule, if you don't know what that is, do a search on the blog, it's something you can do on your own