The System is now short at 1630. About 6-9 months ago, I made a change that rather than not enter a gap more than 5pts or so beyond our entry point, we would either enter half at the gap and half later or enter on a 30%+ retracement of the most recent pivot. Either one of those choices would have the System short around 1630 +/-. Obviously, the previous long trade was not able to stop out at its intended 1639 level to lock in more profits. The Score is on the verge of being a pretty bearish 2, and that could stick thru Wednesday. Like I said, the bears had a technical opportunity to grab the reins Mon-Wed even though I expected a trip near Fib 1653. So, the stop is being placed at 1652 for now. If bears do enough damage, then any bounce will be sold. I suspect enough damage is a retest of 1600 since that will crack the uptrend line and there is probably not much short-covering left at that level after last week. And, once 1600 breaks, there is a lot of air down to at least the 1570s and next good support is at 1530-1550. But bears need more damage in the next day or so. Good fortune.
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