Well yes but I wasn't advocating going short, instead of long, at that point. The point to go short in a downtrend is ... higher during a correction.
I don't follow news much these days. What does the talking heads say about this recent downturn after what must have been a lot of optimism post FOMC?
Regardless of the talking heads - it's very unlikely we'll trade above 4005 today. Main scenarios would be: 1) Inside Day mostly moving higher, i.e., a positive consolidation day 2) Continuation lower below 3920. Waiting for price to confirm.
What's funny is market is still expecting 425 - 450bps There is no shift in expectation about FOMC This whole mess is a tough pullback.
So, it was most likely scenario 1). A quick 27,25 points on the Open. Most likely we'll just range around today for an Inside Day. That's what I see now.