I dont know about the PPT thing..........but the tried and true short set-up at 800, in the p.m. bounce off the bottom, turned into a virtual house of horrors.......I knew it was time to take my licks on the short when Vincent Price appeared on my screen....... To quote Col. Kurtz " The horror....."
Look at the SPY/VIX. Notice SPY trading rangebound and the vix creeping up. That is the ultimate short alarm. Then notice the vix flatlining right past 15. Time to cover Anyhow always have a VIX/SPX/volume screen.