It is the best rally that the market has seen in over a month. But there is plenty to be concerned with here still. 

For one, SPX doesn't seem to crazy about wanting to push through the 20-day moving average, but it hasn't been rejected by it yet either. If a hard rejection happens this afternoon, then you'll definitely want to get concerned with the market again. 

On the flip side, I  day-traded LinkedIn (LNKD) for a quick 2.8% profit today as the stock absolutely took off and never looked back. But I took the gains on the trade because 1) sustained stock increases on a day-to-day basis is difficult, and 2) outside of today, the market hasn't moved much at all, and so with today's quick pop in LNKD, it was a gift, and I didn't intend on wasting it. 

I'll be doing a post later today on it, but I want to go ahead and bring your attention to a forming head and shoulders pattern over the past month on SPX. Which is one reason why I am aggressively taking profits on long positions right now. While I wont' sell everything today, I don't think we are out of the woods yet and as a result, the short setups below will be extremely helpful once this market does turn lower. 

For now be patient, be aware and be ready to execute when the time comes.