12:17 PM Update
Market reaction as we anticipated. The bounce is impressive. Those who bought the pullback can see some gains now.
My screening show some interesting stocks for long: MFA RBCN SYMC WDR
SPY daily: Just repeat what I read from yesterday chart "My indicators reading shows a lot of bullish signs and most of them are not overbought yet. That makes me expect that there is no imminent substantial/big pullback and the price may be contained in box (126.82 - 130.16) for a few days more".
And another thing supports my bullish reading is EUR/USD deeply dived yesterday, however US markets could still make a slightly green day.
SPY 5min: Yesterday's update suggested a formation of a descending broadening wedge. My boxes today are [126.82 - 127.30] - [128.40 - 129.25].
My trade setting for 1/5/2012
Maintaining bullish call "Any pullback shallower than 126.82 is a chance to buy".