S&P500 : Scenarios

• Low last night 1050. Whilst overall setup is bearish, I still need to see cash take out 1041 (closing basis) to be completely convinced about shorting this in a big way.
• Until then, am open to the possibility of another bear squeeze toward 1150 for a right shoulder. Probability of this happening is diminishing as the charts crystallize more and more bearish clues but for money management purposes, over-committing before confirmation is not wise.
• Possible downside objectives : Dennis Gartman's "Box" = 878-943 is reasonable expectation I suppose.
•  Patiently waiting here with sell stop-in <1041.
• This is probably the most important market call at this moment in time. If one gets this right, everything else will naturally fall into place nicely. Forget Copper, Shanghai, USTs, EUR/JPY, etc. This one's the true Big Kahuna.