Those red numbers in premarket were extinguished in a flurry of buying off the opening bell. As I type the S&P 500 sits at 1146 and we soon approach our pivot point of 1150 yet again. I am leaning very heavily to repeating the exact same strategy executed successfully last week and that is to drop much / most of the index long exposure as we run into mid/upper 1140s and then rebuy it on a clean break of S&P 1150 ... perhaps 1152+. Or (as happened last week) rebuy the exposure on a pullback.
The more times we make an attempt on a level, either as support or resistance - the more it weakens and we should break through it.