Shorts continue to hold - dont look for the bounce back yet!

My guess is we'll make a stand in 940-960; in other words, we're half-way there. Will the market reverse at that point? It's to early to tell.

And then again, we could all be fooled and the market will turn around at the 300-dma just 3.8% below the current level. It won't be the first time but I'm not betting on it.