The market is looking to gap up this morning. The SPY is up over 2% a little before the open. Traders may recall my post from last Monday that suggested 2% gaps tend to pull back at some point over the following few days. It happened twice last week. The market has been extremely choppy. If this pattern of choppiness is to be broken there will need to be a strong move right from the start which utilizes the extreme conditions mentioned above to mount a sizable rally.
As violently choppy as the market has been it is also possible that both the short-term bullish and short-term bearish indications are satisfied over the course of the week. In any case, it should be another interesting one.