It was exactly 24 hours ago that Maria told her CNBC audience that Bernanke's comments from the prior Thursday (a pause in rates) were misunderstood by the markets. Right now, the e-SPM is trading at 1316.25/50, which is just about (maybe a touch lower) than it was trading yesterday at this time. Although today's recovery was impressive after yesterday's plunge, from my perspective, the pattern has not changed much (as a result of today's recovery). The coil remains intact, and the index is stuck between 1320-1322.50 on the high side, and 1307/05 on the low side. Whichever side of the range is violated first should trigger a significant move in that direction. And as of this moment, I do not have a high confidence projection for the direction of such a breakout, and that goes for the SPY and the SPX as well. With that in mind, I will stand aside and watch for several more trading hours.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.