Looks like a mostly flat open here this Monday morning with the futures down small. This is the week for the bears to take it down if they can, but failure here could lead to a lot more upside and pain for them. I don't have much thoughts on the direction for today as it's looking like it could go either way right now. The daily charts are very overbought and trying to rollover but the shorter term charts (like the 1, 2 and 4 hour) look oversold and could turn back anytime today.
If the bears do take it down more though and close it red I'd lean toward a move back up tomorrow and a green close. Basically, it would look like a wave A down from the high last week and a wave B up on the rally. From there the determining factor would be whether the bulls can make another higher high or if the bears keep them with a lower high. If the bears win it then a nasty C wave down could follow later in the week. How low it goes is anyone's guess at this point, so we'll just take it day by day. Lets just see what today brings us as far as a move down (or up). That's all for now. Have a blessed day.