The chart below of the SPY looks very similar to Mondays chart.  We gapped lower, then rallied with only one red (down) candle until 11am. We then pulled back, retested (double top) the highs and then collapsed down to the lows of the day.  The same setup is happening again.  Keep watch now into 11am for that pullback. Resistance levels are in blue in the chart below. Current candle is pushing into the 50ma as well. Watch for a pullback under that on this same candle. If that happens we may see the pullback in motion.

Source: InTheMoneyStocks Traders Rant and Rave