Option Investor
Update
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The market is due a bounce to correct yesterday's decline and after seeing the futures pushed down pre-market it looked like an exact opposite setup that we've seen where the market is jammed higher into the open and then sold into. This morning it looked like it was jammed lower into the open and then bought, especially in the techs which spiked up after setting a small bear trap at the open.

NDX is the stronger index this morning so keep an eye on it. It has a couple of different uptrend lines from the March low but the one through last Wednesday's low is currently near 1328, which is between the 38% (1326) and 50% (near 1333) retracements. A 62% retracement is near 1340. Those are the levels to watch today for a short play to set up. We should get at least a pullback this morning and then another leg up to set the play up. The NDX 60-min chart shows an idea of what could play out today.

NDX 60-min chart:
[Image 1]

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