Q’s have pretty much run into the primary downtrend line that dates back to the april 2nd highs while the SPY has a little room to go before challenging it’s primary downtrend line.  i would be surprised, although not shocked with all the central bank manipulation right now, to see the markets just keep moving right through those levels without a pullback.  as i mentioned yesterday, i’m not adding any more shorts above those resistance levels that we took out this morning but i’m also sitting tight on my existing shorts, unless they are stopped out as per their individual patterns.  i think what draghi and the other CB heads are doing by trying to blow out the few remaining shorts here while short interest is already at multi-year lows is a very risky venture with potentially devastating consequences (a collapsing of the bids).  be careful with this market.