Tues. 6_05

Just a look at the last two sessions in SPY and the pre-market (overnight) session.  (Blue dash vertical line represents the Open while the purple horizontal lines indicate the o/n highs and lows).
Monday:
   Fairly wide o/n range.  A false breakout to the upside and a return all the way back to the o/n-lows.  Price chopped around gaining support for another round-trip back to test the o/n-high.

Tuesday:
     The o/n-low was within a penny of yesterday's o/n-low.  The opening drive breakout tagged the 50% projection of the o/n-range before pulling back and holding the o/n-high as support.  Ultimately the 100% projection of the o/n-range was achieved late in the day.

Today's regular trading hours (RTH) had a bullish (relief rally) tone to them.  The early morning setup was a bull flag continuation of yesterday's late afternoon action.  The ensuing pullback into the 11CST period (holding the o/n-highs as previously illustrated in the chart above) can also be considered the 2c-2d long setup.  The previous day's bull flag achieved the 50% projection which lined up closely with the 50% projection of this afternoon's higher low wave (the structure formed between 11-12:30CST).

gap up trend day

Gap up above resistance trend day.  Recent downside (test of support) momentum has been non-existent.  In the chart below it's helpful to notice the cup with handle pattern the 3/10macd forms over the past couple days where we test support.  Especially when we make a lower low and form that inverse H & S price bar pattern.

After the first half-hour we had momentum bringing us just under a previous gap zone.  The break of this bar is a move into the gap-zone (filling longer-term short covering orders) where the next resistance level is the close of the pre-gap day:

While the opening momentum extended to the 200% projection (PDC to tOpen)

The most helpful the 3/10 macd can be on days such as these, I find, is on the faster time frame (higher time frame will just point to the obvious (trend day), where I'm just looking for bearish & bullish readings to give me a heads-up on the directional trade.
For instance, 2b &/or 2c short indications or 3a/1a or 1b to 1a long indications:

Oh yeah, and the SPY triggered a 3d long entry on the daily chart on Monday's close: