Today's Trading Plan: Horrible Breadth

Technical Analysis:

S&P 500 (SPX) has risen for a fourth straight day (before that it had dropped nine straight days).
SPX had a massive doji candle that formed yesterday, that puts into question the sustainability of this current rally.
Even more perplexing, the Dow Jones Industrial Average (DJI) was up 218 points, while Nasdaq Composite Index (QQQ) was down -0.8% or 42 points, forming a bearish piercing pattern. Meanwhile SPX was slightly up/flat.
There is a clear rotation taking place in this market where money is flowing from tech and utilities and into defense, banks, and infrastructure.
CBOE Market Volatility Index (VIX) initially saw a decline down to the rising trend-line off of the August lows and bounced hard thereafter. This trend-line tends to be where plenty of market reversals take place, both big and large, with the latest being the bounce that led to a nine day sell-off in the market.
The decline in Oil Futures (/CL) yesterday looks to resume yet again today. The $43 price level will be a key level to watch.
Also watch oil's impact on equity prices, particularly as it drops below $43, and most certainly if it drops back below $40.
30 minute chart of SPX shows a solid series of higher highs and higher lows, but considering the time span and the steepness of the trend, I wouldn't expect it to last.
Volume spike on SPDRs S&P 500 (SPY) over the last two days, should be a concern for traders as similar volume patterns (i.e. Brexit) has resulted in market tops/bottoms. Be cautious.
Poor breadth continues to dominate this market as yesterday, decliners outpaced advancers 8 to 7, despite the Dow and S&P 500 finishing in positive territory.