The strong bullish impulse leg that greeted the day turned out to be a rather nasty bull trap.  Because the impulse leg looked so promising, and because the subsequent reversal generated a bearish leg on the hourly chart, the yellow warning flag is out. My outlook had been bullish for the both near- and intermediate-term, but no longer. DaBoyz had an excellent opportunity to distribute stock when short-covering drove stocks toward the previous day’s highs on the opening bell. However, rather than exploit the squeeze for a while, they pulled their bids and let the futures fall. The result was the bearish impulse leg shown (see inset). It targets 1765.75, predicated on a breach of the 1773.75 midpoint support. Scalp from the short side, but note that either number can be bottom-fished with a stop-loss as tight as three ticks. If you use a straight bid rather than camouflage, limit position size to a single contract.