Written by Gary

Premarkets were up +0.8% even though the morning financials were ‘not-so-good'. The markets opened with a roar and climbed smartly to +1.5% in a matter of minutes as I mentioned they would on Tuesday.

By 10 am the averages were solidly in the green on ‘moderate' volume and not as convincing as yesterday's session. What is going to happen today?

The charts, tea leaves and gut feelings say this market may or may not reach its previous historic highs today, tomorrow or the next day. Most likely, if we are really in a corrective mode, the markets will start to slide in the next few sessions, but how far down depends on oil.

I know oil is going to drop more, I know that a ‘Grexit' is a real possibility and I know that the EU is barely afloat and that leads me to believe we are NOT going to see new highs anytime soon.

Our medium term indicators are leaning towards sell portfolio of non-performers at the opening and the session market direction meter is 24 % bullish. We remain mostly conservatively bullish, neutral in other words. Right now now I am getting very concerned any downtrend could get very aggressive in the short-term and any volatility may also promote sudden reversals. The SP500 MACD has turned flat, but remains just above zero at +0.02. I would advise caution in taking any position during this uncertain period and I hope you have returned your ‘dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warnings of a ‘long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 50 % Bearish.

Investors Intelligence sets the breath at 52.3 % bullish with the status at BearConfirmed. (Chart Here ) I expect a market reversal at or before ~25.0 should the markets start to descend.