Here is a good chart to explain why the SPX is not trading lower. I was short but today I got long

SPX Update

The changes that I was noticing on the price action were confirmed during the last few days. The SPY has been making lower lows for the last 6 trading days. However, the drop has been less than 4% which is not enough to say that the bulls are suffering nor that the bears are happy.

Lower lows entire week #SPX

The SPX Chart
Today price action confirmed the message I sent yesterday. You can review the chart with key ETFs on Twitter