11Jan2:42 pmEST

Ready When You Are, Sergeant Pembry

It seems as though we are all waiting with bated breath for some type of sustained bounce to take shape in the market, as we have seen sloppy attempts throughout the session, thus far. 

Despite some real carnage below the surface materials and biotech today, such as BLUE FCX RLYP SWC, the indices are not off as much as you would think. 

Still, the market remains dangerously oversold, and each passing moment without a notable rally likely increases the odds of a short-term washout and some real panicky selling. 

On the 30-minute SPY chart below, the potential for an upside falling wedge breakout is there if bulls can muster the strength. Back below, $190.50, though, into the final hour, and I suspect we do see that bloody close. 

Ready when you are...

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