Retracement Rally Probably Underway

The trend is down but the market looks like it is ready to rally for a couple of days. For the Qs the upside targets are 45.34 to 45.64. The critical level of 43.76 has not yet been broken and a sustained move above 45.64 would put a dent in the severity of the correction, although I don't expect that to happen at this point. Even so, caution is advised on the short side until the rally runs its course. If today's lows are broken on volume, then expect some severe selling down to the 200demas in short order. Again, I don't expect that to happen, but we must be prepared for all outcomes. I expect some good shorting opportunities to develop by the middle of next week.