I am already Short SPX, so will pass, thanks. My bet is based upon continuation of correction, not on a specific level per se, no new highs until correction is complete.
Almost time for Suze Orman and Cramer to scream about not raising rates at the next Fed meeting...oops that already happened.
But if I was to suggest a level, then I would have said that 200ma zone on weekly seems like a reasonable target, perhaps even surpassing it a bit (if SPX corrects by 21% it makes target of 1685 , creating some sort of panic in the media followed by a hard rally towards monthly 20ma, which is above current valuation. Am I being unreasonable?
I'm of the opinion that we'll see a face ripping short squeeze before we get the real correction everyone keeps positioning for. Particularly with the "spirit" of this 6 year bull market. Let everyone else get blown the fuck out first - then get filled at the highs.
Obviously I am biased, but in light of possibility of the above I placed stop above ATH. My eyes tell me it's a bit too late for that sort of rally. Which level you were thinking they may squeeze it to?