The recent sloppy price action in the broad markets has led to numerous whipsaw signals lately & although I still have some short exposure via QQQ & IWM, as stated last Thursday, I have not added & will not add to those positions until I see a compelling reason to do so. As far as when I'll pull the plug on those index shorts, I'm willing to allow about another 2-3% upside in the broad markets. QQQ & especially IWM are still comfortably below their recent highs and although I don't have any exposure to SPY, I'm watching for (and almost expecting) the next whipsaw signal to be for the bulls with a breakout above the 212.40ish level. Even a break above this resistance level that has been capping all advances in the SPY since Feb would still have the SPY within a bearish rising wedge pattern with double negative divergences in place. Bottom-line: Although a breakout in the SPY would appear bullish on face value, the odds that it will fail are quite elevated IMO.