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Just an update... we fell to S&P 1034 earlier in the session - about 1:30 PM - this marked the low of the day... bounced... and now just hit S&P 1034 again 5 minutes ago.
On an intraday chart we are either about to make a double bottom (bullish) or break to a new low (bearish. No different than a normal chart we look at, except its INTRAday rather than INTERday. Due to the nature of the frantic session, we're switching to a much shorter time frame to decide what to do in the closing hour.
[click to enlarge]
If S&P 1034 is the floor, I'll actually start covering / selling our puts because it could be a frantic move up on technical measures. I don't think we'd go green but we could go well into the 1040s. If 1034 breaks, we're heading to the S&P 1020s.
S&P 1034 is the line in the sand for these last 50 minutes.
I'll edit this post with any decisions.
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