These kinds of pull backs usually end with some kind of capitulation event similar to what happened on Feb 3, so that's something to watch for...maybe next week.
I don't know what to think! Seems like the market is looking for any excuse to keep this bull alive. Dovish FOMC minutes resulted in a 180 point gain for the DOW? I was mostly out of the market since last Friday except for one last tranche. Good that I am still making some money but I suspect the market will gap up tomorrow. Today marks about a 50% retracement of the losses since last Friday. It would help if the FB retracement wasn't just about some FOMC minutes though.
And now $SPX has closed back inside the rising wedge pattern and so I'm thinking at this point that a test of the recent high in the upper 1890's may be on the horizon. Plus $SPX is now above the Ichimoku cloud in the 60min time frame and is also above the 13/34 EMA's on my 4 hour ES chart and so IMHO market bias has moved from a negative bias a couple of days ago back to a positive bias. Still, without a trend, this is only meaningful in the short term.