Breakout above 1221 and then I will switch to trading the long side only. --Or I would need to obtain a longer term buy signal.
that makes sense to me, too. Unfortunately, many times, what makes good rational sense might not translate into price action. I am assuming any move above 1223 would be a bullish short-term signal. with upside as you have mentioned 1300-1320. I guess at 1306-1314. on way up stutter at 1253-1263, 1275-1280, 1291. "Markets are never wrong; opinions are." -J. L. Livermore
Buffet news is not good enough to pop the market? Interesting. We have a 2 weeks window going into the final count down of election - that means more miracle rallies on its way to at least slow down the drop in stock market. Better yet major rally. So watch out for the 10:00 and 2:15 (ET) short squeezes ...
If it snaps back quickly and authoritatively from here (1185), then a longer term buy signal will be in place. Otherwise, I will stay trading the short side.