The /es is +35 as I type and the master planners are picking up the pace of the well-orchestrated short squeeze.
I am a little frustrated at myself for raising the stop and should have just left it at entry, being we already closed 2/3 of the long trade with an average gain of 180 spx points.
But when the bulls failed to take out resistance and the bears took out support, I took the short squeeze bait over and raised my stop.
The good news, is we are short during this monster short squeeze.
I am seeing some sell signals popping up on the /es, but I do still believe the bulls have more bears to squeeze before all is said and done.
I still like remaining on the sidelines for now and don’t count out 4000/4100, which were my original targets to come into play.
Once I start to see sell signals on the spx, then and only then will I start eyeing down short triggers.
Until then, just watch from the sidelines. -Gary Dean
SPX Hourly Technicals
Divergences: No Divergences
Resistance Pivots: R1-3900 R2-3918 R3-3944
Support Pivots: S1-3875 S2-3850 S3-3828
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