I understand why we would selloff yesterday near the close but today was a surprise. An ideal nonfarm payrolls report and a good ISM, with bears on their heels heading into the weekend facing another potential Monday morning gap up. And we still sold off in the final 2 hours. The way stocks trade on a Friday afternoon tell you a lot about intermediate term direction.
As we go higher, each point gained takes more effort by the bulls, as the market lacks the strength that it had earlier in the week.
It looks like I'll have to get moving on my plan to get short. Now I don't see much more upside from current levels and I want to get on the train before it leaves the station. I see at most 20 points of upside from here but 80 points of potential downside to 1250 SPX.
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