SPY has now hit the top of my upper resistance zone and has so far turned down. although i still plan to wait until next week before doing much, i do think that a short here with a stop on a solid break of that level provides an objective entry. although this bounce has gone a little higher that i would have liked to see in order to keep the near-term downtrend intact, until/unless we take out the 4/2 highs, we could still turn down putting in a lower high. of course, we would then need to take out the 4/10 & 4/23 lows to confirm the downtrend and open the door to some of the lower price targets.
