For the past few days we have seen fear and loathing at the open, after which traders stepped in trying to pick a bottom. When traders could not find takers for their merchandise they dumped into the close. This morning it looks like the market will gap up.
Traders will be very hesitant to chase a gap up as they have been burned too many times this week. The market does not like to make it easy to catch bottoms and if we gap up and never look back this market will have allowed very few traders to catch the bottom.
If the market continues its losing ways the bulls can look forward to the fact that the market will be maximum oversold by the end of the day on Tuesday, so there should only be three more days of pain before the short term risk/reward skews strongly in favor of the bulls.