I am showing red flags everywhere on this counter-rally. It's upward trendline is still intact, but if we break S&P 828 it could be a heck of a fall. I posted a comment this morning that I felt today's range should fall between 830-860. So far it is holding true. I will be watching for a possible new falling trendline emerging if I see a late day sell off. I show that the market hit a cycle high a few days ago and if I see the market closing weakly, that will confirm it. Possible bets if that happens is to buy QID if the S&P breaks 828. Another great gambit is to buy the May 700 S&P puts (now $1.90). If the market falls hard, these could rocket to $10-$15. That would be a great return. I did this same play last fall and won big.