The markets have yet to show any sign of a move back to the upside and the current price action suggests there is a high percentage chance of a continued move further to the downside. My strategy at the moment remains to be in and out of positions relatively quickly while attempting to take quick profits. Priority is on entries to the short side.
A close above $1122 on the ES will be necessary to start thinking about long positions. Watching for a break below the current lows at $1098.75. Next support level is at the 200 MA currently at $1094.50. Next support level is at $1091. Below that things could get ugly as there is no clearly defined support until maybe the May 6th pivot low of 1156.
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