The other thing I find worth to mention here is when we hit the recent bottom last week, I would have covered but I was looking for lower since the fractal suggested the same...Unfortunately market always acts the way that is least expected. So shorts are now squeezed and retail and TV analysts seem to have gotten bullish again. I think we are very close to another short term top right here. I will be watching today's and tomorrow's action closely.
The Bottom Line - Until we go above 3150, I will remain bearish.