This morning's set up is almost a mirror image of yesterday morning. Today the market tested yesterday's high and traded down. When using a 380 tick chart, the first reaction to a reversal move tends to peak just above the 38 period EMA. Wait for a bar with a down close, and use the high of the previous bar as a stop loss. Risk is small, and reward is larger.
As confirmation of profit taking, the futures opened above yesterday's high, but the 15 SPDR Stock basket opened below yesterday's high and trended down. Thus, confirming the down move in the futures.
The NYSE Advance - Decline Line also confirmed the weakness in the futures with a steep down trend.
Charles
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