If you are looking for a trend on the daily or any clue as to the direction of this market, you won't find it by looking at the daily chart on the S&P 500 (SPX). In fact, you will have to drill down into the intradays, namely the hourly or half-hour chart to find what the market is really doing under the surface, and that is, it is stuck in a downtrend, while rallying today following an established lower-low on Friday.
Follow me so far? Essentially, don't be fooled by this bounce today. Yes it sucks, if you are trying to follow a trend, but it doesn't resolve anything for you the trader.
Unless it can find a way to break through 2185 before the close, this market should still be treated like the bear it is.
And for the bears, it really needs man-up and do something for once, the bulls are barely putting up a fight, yet the bears remain unable to drive any real fear into this market.
Yes there was the sell-off on Friday which was amazing, but it only lasted, oh, until the bull's "scheduled-ramp-higher-at-the-close-appointment" that it has nearly every day.
Ok, I'm just going to stop there, and let you see what I'm talking about in the chart below.