Don't know how nitro calcs this, but 90 pts is more or less 10% south of where we are, and a 10% pullback after a bull run like the one we're having now is pretty much a normal thing.
Patience for those that want to go short. I will point out one worry if you want short. Look at the gap that needs filling at ~1075 to ~1100 in SPX. You wll need a longer time frame chart to see it. That was a runaway gap to the downside and a strong attractor.
Most recently Prechter made both the upward (Long) for the rally into the summer of 2007 and culminating with a leveraged short recommendation of the S&P 500 futures on July 17 2007 through an interim report mailed out intraday. This position (the short of the S&P 500 futures from the 1500s) was maintained until February 2009 representing nearly 900 points with the index at around 680's. Prechter also predicted a large and B wave rally with target in the 1015 to 1050 area, and lasting for a Fibonacci 38.2% of the length of the decline from the highs in the S&P 500. Once wave B higher completes, Prechter expects the largest impact of the bearmarket will occur. He also took the contrary view that reflects the dollar having put in a major low and looked for dollar strength as dollar-based leverage unwinds
"FV" ~917 FFFs ticked up odds of a rate hike later this year. As others have argued on this thread, that seems improbable. However, the longer end of the curve yields are also ticking up and that seems totally warranted to me. Bond traders are well aware of the reistance in the 10 at around 4%. I am interested in the afternoon trade. Let's see what happens.
S ES 1010.50. This is not a long term play. In fact, I want flat over the weekend. It is a short term play that will be closed by EOD.