The Bernanke is due to speak very soon. Unlike yesterday where we eventually built gains later in the day, I believe today we'll slip lower, perhaps considerably.
As at 9.45am..I'm now short.
I am short from sp'1363. The hourly cycle looks primed for a day or two lower, and considering 'everything' out there...I'm fine with my entry.
So..lets see if we can break yesterdays low of 1345. A close under 1350 would be a major victory for the bears - it would break the up channel on the hourly cycle, and could confirm that the count is correct.
Those bears shorting today, will want to see a VIX close +7% or so. That would be some useful confirmation that we have indeed seen the top at 1374.