Date: March 2014: content.screencast.com/use.../SPX31114.jpg

$SPX hourly chart 

Looks good to my eyes. Some nice patterns unfolding on SPX here. I entered the market heavily short today via options, more so than I have in a long while, as we broke out of the wedge and moved below yesterday's low. Stop is at last weeks high, above that line I would exit these large positions and flip long for the short term. Stops will be moved down progressively with a 1-2% trailing stop. Let's see how low we can go.