S&P 500 rose today, continuing a wave 2 pullback of the current (since Feb. 27) downtrend on the hourly chart. The S&P 500 index (based on SPY) is now bordering on the 50MA and the short-term oscillator is in oversold territory. This confluence suggests that a completion of the wave 2 pullback is at hand, which would mean the initiation of a wave 3 to the downside.
Still, confirmation is necessary. As such, I'll be looking to enter a short trade on a breakout below support on the shorter term 15 minute time frame.