Not so fast!

At today's high, the SPX touched 2066, just about the BB midpoint (described yesterday as an initial target for the bounce) and right at the 9 day Moving Average. This moving average was a good support line during the October rally as the index closed on it twice, but never below it.

 It reversed into negative territory by the close producing an intraday reversal shown as a shooting star candlestick pattern.

This alone should be a warning to the bulls. Additionally, the SKEW printed at 136 and the VIX went up a bit. The RUT continues to lag the market also.

If we get a flat open with no immediate upside, I will take off the 2015/2005 put spreads and look to enter a bearish trade.

However, we have the New Home Starts and Building Permits on the calendar before the open. These have been bullish recently, supporting the market. They could put a rally under this market again tomorrow.