S&P 500 - August 24, 2010 - Intraday

This is what I see on a 5-min frame.



The gap is an obvious test for the bulls.

Looking at larger frames, I think a move above 1078 is needed at this point to suggest a potential change in short term trend. That level may very well come down if market stays weak.

Bulls, if they are still alive, have a lot to prove to deserve the benefit of my doubt.

Intraday breadth is horrendous, and may have gotten the tape some state of being sold out -- let's see how it bounces.