Thoughts....

As indicated on the S&P 60 minute chart, I see several patterns.....a Head & Shoulders Pattern, a Broad Pattern, Parallel Lines, and an Inverted Head & Shoulders that isn't marked so it's clear I'm confused. The Sentiment Indicator I use also indicates indecision. Until the picture clears, I'll take a real simple approach. I'm going to trade around key S/R levels on the 60 minute chart. In other words, I'll short objective resistance levels and scale out of longs. If those resistance levels are broken, I'll get out of shorts and look at the Bounce Setups for entries. If the market goes the other way, I'll be a buyer at objective support levels and I'll scale out of shorts. I realize that's wordy but it really is simple. Remember, if you want to be a pro, you have to trade a pro. You buy support....you short resistance. If those levels are taken out, you get out with a minimal loss.

I added a few setups to keep an eye that weren't posted over the weekend. I included two new ETF setups that I've never traded. They are 3x leveraged ETFs from Direxion, and are only suited for the most disciplined and aggressive traders.