Back InThe Saddle

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Hope you had a good Fourth holiday, and it looks like the market is back to making some moves.

It looks like I'm going to get that bounce at support at 880, which I've been waiting the SP500 to get down to for a while.

In addition, the most recent peak at 930 looks like that possible lower top I've been waiting for and the beginnings of the new downtrend.

I'm looking for confirmation of a new downtrend in this next bounce, which I'd expect to get to 910-920 sometime soon.

On the flip-side, if 880 fails (ie we get to 870) then we're looking at to the next area of congestion, at ~845. That would be interesting and call for a review of the nascent downtrend. That would raise the possibility that this first drop is going to be like the first rise in March, at a quicker than trend pace before the real mid-term trend is defined.

Fyi, sold 75% of my double short ETF's at close yest, haven't gone long yet, in cash.