In case of a rebound, where I watch for resistances?

12.53pm
Got burned by FAS but AGQ, GDX and NUGT may save me. This market may call for fly to safety.
AGQ inverted Head & Shoulders?

I posted yesterday updates hinting about a rebound. I would better figure out the resistances of the rebound if it is about to happen today.
I think the 1st resistance would be 1393.00, then if bulls are strong enough they will face a hard resistance zone [1400 - 1403] by next day.
If no rebound today, bulls would be desperate.

A bounce may happen from 1398 or a bit lower, however I suspect that the duration and the size of the bounce would be less than the previous

12.11pm
My stock pick FAS, AGQ, GDX.

12.05pm
Look like a mini double bottoms pattern is forming.

6.45am
With SPX E-mini continues it's ugly look at 1375 at this moment, I would like to adjust the bears target down to [1371.50 - 1381.00].
A sharp drop at open will confirm that the 1422.38 is the EW5/3/3/3/3 Diagonals Pattern Termination and we may now witness a correction.

It's a warning sign when price breachs the lower rising trend line.
A bounce is expected at this point, however I would like to place a question mark to the duration and the size of it when it is to happen from below the lower rising trend line.

The hourly chart also hints a bounce next Monday, however I would like to pay attention to the descending cap line on MACD which is displaying a negative divergence.

Trading:
If no sharp drop seen at open (sharp drop = big gap > 0.50%) then there may be a trade-able bottom for a bounce. Buy breakout 1401.60. Stop-loss breakdown 1393.00. Bounce targets [1408 - 1410] or two days or a contact with descending cap line on MACD, whichever comes first.
If a sharp drop seen at open or 1393 doesn't hold, I would like to short and my target will be 1386.87.

The bounce must happen today and >0.5% for a healthy bullish market. If the bouce to happen after 3 down days from below the trend line, things would be different.

12.16pm
Bulls look too weak!

11.30am

Adding the 4th scenario: If SPX close above 1401.50, but less than 1405, I expect a next green day, however that bull is considered weak.

I think today is a very important day for the markets.

The bounce must happen today and >0.5% for a healthy bullish market. If the bouce to happen after 3 down days from below the trend line, things would be different.

Taking into consideration of many factors: The duration of our bullish market since 10/4/2011, the gain of this bullish rally, indicators reading, EUR/USD and Europe markets behavior..., it seems to me that a topping process is in the forming.
I would like to present my 3 scenarios for the SPX:
1. If bulls can camp at [1405 -1407] zone today, they are sure to be able to advance one more day at least.
2. If bulls stay in the [1395-1398] zone today, markets will be in indecision mode.
3. If bears can push the index lower to the [1391 - 1389] zone today, the bull-party is over and any bounce would be a short.

[1395.00 - 1397.30] may represent a strong support zone for bulls

13.45pm
Double bottoms at 1394.40 looks in the forming. Buy signal officially triggered.


12.15pm
1395 has been respected for almost 3 hours, it is almost buy signal triggered for me. 

Can we explain the deep of the yesterday's pullback as "Fed dashes stimulus hopes"?

No! I would better link it to the high volatility of April. If I got a better awareness of this, I would have given bears more credit than I did. I propose that I will do it differently for the rest of April.

For today, I expect that [1395.00 - 1397.30] will represent a strong support zone for bulls because it is the confluence of 3 rising trend lines: Medium, short and shorter terms.

If the index can make a bounce, my favorite bullish scenario is that price could be confined by the slightly-rising channel (yellow lines). 

If [1395.00 - 1397.30] support zone fails, bears may target 1391.20.

We may see some kind of spook game at open today, however I expect that bulls will do what they need to do to retest the target zone [1422-1428].

11.50am
I have underestimated the power of bears. We can see the close in red today and bulls have to postpone their re-visit to [1422-1428]. 

Yesterday was a perfect action of buy on dips to show the bull-market is healthy. All those who scared and ran away from the dips for the first 35min would have a big regret. My bullish target zone [1422-1428] got an early try at 1422.38.
We may see some kind of spook game at open today, however I expect that bulls will do what they need to do to retest the target zone [1422-1428].

What next if we see a retest of the target [1422-1428]?
I think the profit lock in would represent a notable pressure on the momentum of the market and I expect to see a small chance for nimble bears and a bigger chance for bulls.