Just as I suspected, the rubber band is snapping back in the other direction, as we are up roughly 1.75% across the board today, thus far. Moreover, the S&P is putting in a bullish intraday pattern. I am using the $SPY ETF chart in this post in order to show you the up to the minute volume pattern. As I indicate in the current 30 minute chart below, we are flagging above the 104.30 level (1043 on $SPX), and look to be breaking out now. In the short term, we could easily run up to 108 (or 1080) to fill the gap from last week.