I initially had a bullish bias for the end of the day, considering early bull strength, all sector ETFs in the green and net positive buying (NYSE TICK). When the market broke through 1237, I planned to wait, but it seemed like momentum picked up and I entered short @ 1236,25, stop @ 1237,50. Support @ 1236 seems to be decent and I lost conviction after chopping around just after entry, but since I`m in the trade, I will hold it just in case. I see a sell-off just as likely as a rally. The hourly shows lower highs. As of writing this, it seems like 1236 might break. Fingers crossed EDIT: Guess not. Stopped out. 1237 might be a nice long, but I`m not convinced.
I think my limit for posting faulty calls is reached for today, but it seems like we will close around 1237 for the day.
Todays session in two observations : 1) you need 15.000 contracts / minute buy / sell power to influence market diection 2) shorts are behaving as usually like rookies - no sense for market decesive market price action in important time frames