Before the Open (Nov 15)

Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets mixed with moderate moves in both directions. Europe is currently mostly up – gains are small. Futures here in the States point towards a moderate gap up for the cash market.
As I stated over the weekend, every day this week is a POMO day, but the fact that the market does much better on POMO days vs. non POMO days is not a secret. The cat is out of the bag, so you gotta wonder if blindly buying on a POMO day will continue to work…especially considering a gap up takes care of some of the average gains.
The technicals say the market needs to rest more…the Fed activity says not to bet on the downside…after today’s close I’ll look at the put/call OI to see what it says (as if it mattered).
Here’s the SPX 15-min chart over the last couple weeks. On a short term basis, I’d call it bearish and have downside target of 1185ish.

Zooming in, here’s the 5-min chart over the last week. The index could move up to 1202.5ish and still be in a bearish flag pattern.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers