The last session illustrated why "You can't simply go short". In an oversold or overbought market with little price structure, volatility will take out  stops and create big losses with no chart pattern or time to reposition. The recommendation was to remain flat as the market will resolve itself and provide high probability trades. Now getting to the market at hand.....
 
The S&P 500 futures market gained about 2% in its last session which represents a monster move. Volume was 1.6MM which is above the 50 day moving average but less than the 2.4MM we saw just 2 sessions ago which was a down day. We will remain in cash for a bit longer while the market develops structure. Stay tuned