Today's Trading Plan: Getting Weak In The Knees

Technical Outlook:

SPX rose for the fifth straight day, being saved in the last 5 minutes of trading with a nice pop.
The 5-day moving average continues to hold strong since last Tuesday's mega-rally.
SPY rallied straight into resistance yesterday at $200's but didn't break higher. Volume was low and back to the levels we saw on Thursday and Friday last week.
VIX continues to bounce off of the trend line from the October lows.
Some consolidation on the 30 minute chart that is creating a descending triangle pattern.
The trend-line off of the February lows is still holding strong. A move today below 1989 would break it on SPX
Watch the 10-day moving average today which should fall somewhere around 1970. This has been a strong rallying point for the bulls since the rally began off of the 2/11 lows.
T2108 (% of stocks trading above their 40-day moving average) is trading at 85.87 which is now the highest level it has been trading at since February 2012.
SPX crossed back over the 2000 level for the first time since early January.
The 200-day moving average for SPX looms large for the market and currently sits at 2022.
Oil continues to breakout, popping another 4.8% yesterday and rising for the fifth time in the last six trading sessions on above average volume. It was the first legitimate higher-high for the commodity (USO) since May of 2015.