A 50% retrace from yesterdays low in SPX to its March 7th high would be roughly 1182.
We have a rally mode that need happen.
If 1136 is to be our intermediate low we did not separate enough from 1163 to avoid its being taken out.
I would, myself, not be concerned regards the 3month picture.
I dumped the worst position in my longterm 2xshort of NDX yesterday as i knew we were getting close to a major short squeeze surrender.
I got lucky and it happened today.
I now have 6kshares at average entry of 1530.
I am fully prepared to see my profits vanish and to add on more short position later, i am not worried, but then i am like that:)
But, bottomline a break from 1163 wouldn't shock me.
The biggest question now is liquidity, imo.
Rydex Bear to Bull CashFlow was 00.99 going into today, that is quite high(1.05 would be extremely high).
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