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Minyanville's T3 Morning Market Call: Bull Trap Turns Into Bear Trap on Gap Up
S&P (INDEXSP:.INX) futures are seven to eight handles higher this morning following the biggest sell-off of the year yesterday. Friday the index closed on highs and then yesterday it closed below its 8-day moving average for the first time in 2013 the type of reversal traders often refer to as a "bull trap." A close below the 8-day MA can signal a short-term composure change and lead to a pullback but the misdirection continues this morning with the large gap up. After a strong January traders were perhaps looking for a bit of a pause in historically weaker February ...
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