Dave Landry takes a one-minute look at the stock market in his video for August 11.

Deron Wagner believes the overall reward/risk is at least starting to tip back into favor of the bears, and there are several things a trader should do to handle this potentially transitioning market.

The Fed has already shot off its monetary ammunition. It has been lending money without asking anything in return for the last two years. What else can it do?

The stock market indices started out with a very sharp loss early in the session as they had large gaps down and sold off sharply in the first half hour. They then staged a 3-wave rally back, rolled over and retested, but when that was successful, ahead of the FOMC meeting, they started to bounce.

The SPDR Gold Shares (GLD) is up about 1 percent from the intraday low prior to the FOMC statement.

Download Adrian Manz's Around The Horn Intraday Trading Plan PDF for August 10.

Dr. Adrian Manz analyzes the major markets, stock sectors, and individual stocks for August 10.

Dave Landry takes a one-minute look at the stock market in his video for August 10.

None of Deron Wagner's buy or sell orders for ETF trades ever go live until after the first five minutes of trading. The reason behind this rule is that ETFs, as well as stocks, sometimes print rogue opening trades that would otherwise cause positions to falsely trigger for entry, or hit their stops.

The 1110 level for the S&P 500 appears likely to be tested in today’s session and a close below that level would energize the bears.