This is just my guess now. Time is 12:48 and SPY is at 13.79. I believe there is a high chance that market might shed its losses and close flat or green.
SPY is at 15.10 now . Time is 1:55. Once again it seems that I will be right. There is no extra risk in the market now than it was a week ago. What we have is the fear of risk. When we have fear of risk (extra risk not priced in the market), it is time to buy. Shorts are remembering those bad days and believe that situation will stay but that is not true. Market will be volatile and profitable to traders.
And remember "if and if" the market closes flat or green today, that would be a sign of rally and those who stay short will be toasted.
So you're saying if the market goes up when someone is short, they will lose money? Incredible. Can I hire you as my advisor?