Im no expert but rally failures is what fuel downtrends, logically, makes more sense to short the upside and not the breakdown. Besides, the breakdown has so many fakes and games its not even worth it.
Magic futures to the rescue, today's losses will be erased overnight on 1/10 the volume. The prefect tool for total manipulation of opening prices.
CPI surprised upside, Dudley is a hawk, No vote on Brexit(after June FOMC) is better than 50/50 odds yet an excuse for caution, 2nd qtr US GDP estimates around 2.5% , important NFP upcoming, China risk stable, oil rallying, China commodity bubble already released. Right now I measure only about 10 of 25 bp priced into June 16 eurodollar contract. Probably wont catch a bid in stox if , as I expect , higher odds of rate hike are priced in over the next few weeks leading up to June meetimg. Long USD, US rates (entire curve), EM stocks is my +1 risk off trade until the fed cant handle this pain/volatility and relents again. If vol doesnt spike wolrdwide and we "worry" our way forward then this trade could work.