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What a difference a couple of hours makes. After two hours of price action yesterday, the markets were on their way to a 2 ATR move to the downside. A couple of hours into pre market action today, and we’ve nearly erased the entire move. The SPY itself formed almost a perfect ‘U’ pattern on the hourly chart yesterday. The whole day reminds us why we need, especially in this market environment, to see confirmation on any move we see intraday. Anyone who panicked into, or out of, a trade yesterday is not feeling too good this morning. Any move this morning would need to be confirmed on either hourly or daily charts before trading off of it. Stay cautious.