Heres the next set up

Stop is 1403

Shots on the short side that is. 1399 fill

I would guess we all agree that SPX 1400 is a huge number, and well publicized. Would we all agree that there are a boatload of buy stops just above that number? And that even if we are gonna fail up here, the market will probably make a number of quick stabs to hit them??

I think the monthly pivot is like 1407. If they close above 1407, I expect so now, there will be a huge call buying next week and it should mark the IT top, if this happens I am looking to open IT positions right around the downtrend line around 1420-1430. I sold premium (too early now it seems) for an IT top around 1400-1420 last Monday and Tuesday. I do not expect that downtrend line to be taken while the longer term trend is still down, so probably we will have an technical correction, the key will be how the breadth will react to the sell offs in term of new lows. IF the new lows do not expand much, I think it is bullish in the second half even if the indices make new lows since it would be the necessary momentum divergence for a solid bottom...

Tommy, If we can get an hourly close above 1400 monday morning I will be taking shots at he long side