Yesterday’s action had so much promise. S&P futures indicated hard gap down followed by a immediate hard rally and held throughout the day. Never taking anything for granted, the 200 day moving average was the bull/bear line that was defined. Sure enough, it blew below it in the last hour. Market is currently grossly oversold and at the same time, the market has solid momentum to the downside.
Switched long to neutral yesterday to net short today. Close below 1370 keeps the portfolio short.