The Futures did a flip this time around and sold off afterhours instead of rallying up and becoming overbought like they have done the past several trading days. This suggests the market will flip during regular hours as well and go up instead of down.
This 60 minute chart supports a rally today and the 2 hour is hooking up as well. The 4 hour and 6 hour are lagging behind.
Trying to pick a spot to take a trade overnight has been tough lately as there just haven't been any clear trades. Everytime it looks like the market might go up the next day it does the whole move overnight/premarket and then goes down at the open. It's been a steady series of steps walking the market down.
The moves down are so controlled right now that it seems hard to find a bottom. We've yet to see a "capitulation" day where every bull gives up and sells everything. Then the market reverses and puts in a long bottoming tail candle on the daily chart. So for now it's just a day traders market.
My thought are that we'll go up some today as the 60 minute and 2 hour charts push up on the futures. But I wouldn't be a player of it as it can rollover again at anytime. After the 60 and 2hr MACD's get up even close to the zero level (which could be midday or the close?) we could see them roll back over again and drop again.
