I mentioned in an earlier piece today I'd add more shorts if the S&P 500 could break through S&P 1070 as its a very obvious line in the sand (lows from last week).  This market has become so very technical as every piece of silicon now acts in concert, with the last remaining humans.  Thus far, we've come into 1070 twice and bounced.  So this is the eternal question at these points - do you take your profits on index shorts here and then reapply them on a break of 1070?  Or just sit and wait patiently hoping for a break, rather than an end of day 'stick save' bounce?  I've debated that about 4 times mentally already.   If I had much larger positions I'd be taking some profits here as I could swooped in and received a quick 9 S&P points for a few hours of work, but since my cash level is high and my index shorts (BGU/TNA) are modest (only 4% allocated) I am simply observing and I suppose willing (I wouldn't be happy about it) to give up the gains if said end of day stick save occurs. 

In the bigger picture as long as the S&P 500 remains below 1086 or so, the onus is on the bulls... there is no major economic news coming tomorrow so almost always we drift up in a low volume way in those situations.