It looks like we have some positive mojo this morning after a shaky start. As mentioned yesterday we now need to be wary of the dreaded Trap Door setup wherein it appears the market is in a recovering rally mode and then suddenly implodes. The Trap Door has opened many times in the recent past and always with severe pain for the bulls. Keep in mind that on particularly high volume days the percentage of that volume can often reach 80% or more attributable to the HFTs and is not necessarily reflective of authentic accumulation or distribution.
FYI...Goldman just lowered growth projections to -4% with a similar S&P forecast.
Here are the SPY Ponzo and VDX charts as of Monday's close>>>>>>>>