With most of the Asian markets closed last night, the market is rather sluggish this morning. Even though the market is only slightly lower, over 70% of the SPX stocks are in the red. This drop is putting many more stocks below their 7 day moving averages which increases the risk for the bulls.
For a bullish entry, I want to see something like BAC close above its 7 dma and I would be tempted with some bearish puts on the market if stocks like BAC and GS weaken into the close. For now, I will let the morning trade play out since strong entry signals are rather sparse.