How low will the S&P 500 go?… I didn’t Mean This Week!

I covered most of my short positions today because I am the last person you want to ask to give you a firm backbone if you want to remain resolutely short against a sentiment backdrop like this (with the Fed and a bullish seasonal in the mix I’ll manage more with cash). But I held on to my largest single position, which is a short against SPY.

That is because as noted in NFTRH 530 I would like to try (key word there) to hold and add short to at least target #1 per this post from last Thursday…

How Low Could the S&P 500 Go?

The targets in that post are meant for H1 2019, but what the fuck do I know? I don’t control the market or its timing. The thing should bounce this week, but as we also noted in #530 the bull routinely ruined bear quants and analogs so maybe the bear could not care less about any “should” for the bull case either.

Anyway, here’s the pig’s status at today’s close. That is one mighty flimsy looking “support” level at the intra-day February low.

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