Today's Trading Plan: Europe Still In Play

Technical Outlook:

SPX snapped the four-day winning streak. The final hour of trading came to the rescue of the bulls, by erasing 1/3 of the losses.
The bounce took place at the 5 & 20-day moving average.
Futures are down heading into the open and look to open up at/near yesterday's lows.
Volume on SPY increased yesterday and slightly above average volume readings.
Massive convergence of moving averages - the 5, 10, 20 and 50 moving averages are all within 8 points of each other on SPX.
Argument could be made that a bearish kicker was formed on SPY yesterday.
For the bulls: need to get back above Friday's closing price.
For the bears: need to break below the double top confirmation level currently at 2030.
VIX stumped at the resistance area around the 16.40's.
Lots of resistance in the 2110's for SPX 30 minute chart. Also, lower-lows and lower-highs in place.
In general Q3 doesn't ten to be a very good quarter historically for stocks. In recent past that has also been the case. Last August, there was an extreme sell-off.
Dip buyers aren't dead yet. They finally came to bat in the final hour yesterday.
Market is assuming that rate hikes are pretty much off the table for all of 2016.