As regards the credit market ratios or smallcaps performance, their performance today didn't erase yesterday's losses, yet S&P 500 is acting relatively unfazed. Not only that - the SPY volume is shaping up to be really weak, detracting from today's upswing credibility.

Would it attempt to verify the recent highs before running into headwinds again? It can't be excluded, which makes it justified to move the stop-loss a bit higher so as to allow for reasonable volatility in the overnight, and volume-light session - please find below the details.

Trading position (short-term; futures; our opinion): short positions (100% position size) with stop-loss at 3403 and initial downside target at 3300 are justified from the risk-reward perspective.

Thank you.

Monica Kingsley
Stock Trading Strategist
Sunshine Profits: Analysis. Care. Profits.