Quote from BA_Trader:
I'm just saying that based on my model of the market - if 27.75 isn't taken out "soon" we are going to sell. Trading above that level changes the picture and we are still in rally mode. As it stands my model says we are about to leg down.
That doesn't rule out an anemic sell off followed by a big rally on Friday on surprise news or something like that.... the scope of the call is really the next day or two.
For the record - my model is just guidance for intraday trading. It's possible for the model to be wrong but still make a buck. If everything clicks I will leave a trade on and scale it out with runners.