Here we once again have a megaphone pattern on the daily E mini SP 500 chart. You can see the night session so far on Sunday is very weak. The trigger for this pattern is a close below the prior days low, so we could see it on Monday. The PPT will be lurking and will not like this action when they wake up in the morning if it stays here, so we will have to see if they will allow this. When the volume is this light they can push the market around very easily.

I will not play this entry as my main pattern I look for is not there and there is not enough confirmation on this trade for me. However, we know a correction is coming at some point and now that is likely to be at a time nobody expects. This setup for tommorrow probably qualifies for that. They have now made another new high so many may feel very comfortable we are off and running again.

This can potentially be a classic trap pattern where a new high gets made then is immediately reversed. These can be very powerful moves in the opposite direction when they occur.