On 11/30 in the chart below, I shared that the 500 index was on support and VIX was up against resistance. (see post here) Due to this situation, I suggested to put a very tight stop on the SH ETF that was owned, to protect profits.

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The markets had a quick rally (gaining 3% in 4 days), following this oversold (500)/overbought (VIX) situation. In four business days, the rally has now almost “reversed” the situation in the chart below.

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500 index is up against resistance, (the November highs) and the 61% fibonacci resistance (not shown). Will be looking to “score on defense” in the 500 index, should the 500 index act like it wants to fail up here against resistance. 

Am keeping the long Russell postion purchased in this post per an upside breakout. (see post here)   Will update bigger picture in the next post.