SP500 : Conviction A Pre-Requisite

• As always, just when the technicals appear to have everything going for it, market makes a sudden sharp squeeze against the obvious (shorts). [DJI +apx 360 points, SP500 +4.1% in last hour of trading].
• Weekly and daily candles have appearance of false downside breaks. Further upside possible.
• Which is why it is important to take profits regularly and vary size of positions, so as not to be shaken out under such circumstances.
• Overall, for me the charts contain too much overhead resistance and this bear squeeze is doomed to fail. Had been lightening up (Copper, Ten Years, CAD) the past 2 days. Now running about 50% of peak risk, so let the squeeze begin. In due course, I want to be back to 100% Risk Off.
• Meanwhile, am braced for the onslaught. 
• Reminding myself of how difficult the long USD/CAD trade was at the 0.99 level. Maybe this short SP500 trade at 1100 will turn out to be just as rough. Much conviction needed to make it work. Thus, as always, emphasis is on control of trade size to remain in the game.