Always tempting to fade the gap, and it looks like that was the morning trade, but I'm just not feeling any motivation to buy.
Cumulative Tick is flat lined, Semi's and Transports are pulling, but Financials are going nowhere fast and the five-day moving averages are again headed flat to southward.
The S&P500 may look more attractive around the twenty-day moving average in anticipation of a long Fed trade in a week or so, though a volatility/VIX option play may be more in order.
For today, keep an eye on that daily S&P VWAP to see it holds and whether the TNX keeps rising and/or the Financials decide to join the party, indicating a possible move back into equities after this as yet mild pullback.
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02/05/2016 Market Outlook (The 4th Test)
7 hours ago