There are two trends in place since the market is above the 10-day mode at 161.50. The 10-day mode is now 13-days. Why? Because 3 more days have accumulated at the 161.50 level and now the market has disconnected from 161.50 by trading, on Tuesday, completely above the 13-day mode.
If you currently have no position - You can go long here at 163.45 with a stop and reverse at 161.50 so that you go short at 161.50.
If you are already short: The downtrend is also in place but today is the last day of the downtrend time. The market is also below the two-mode areas labeled above at 164 and 163.6-163.18.
This is how a market "balances out" after a period of strong trending action. A market isn't always going to "trend" and allow us to pull endless cash out of it.
Let's hope for more big trends but I am fine if there isn't one for awhile.
Tim 10:36AM EST 3/19/2014