Detrimental market to be long in, yet with that said, I wouldn’t be adding new short positions to the portfolio at this point.
From here, wait for the market to bounce. It needs to bounce, and ultimately it will bounce. If the bounce is weak, and the bears stomp on it before it can gain any real traction then start adding new short positions then. If it bounces and behaves in a manner similar to SPX back during the mid-October bounces or mid-December bounces, then abstain from any new short positions.
At this stage of the game, that is really the only real way to play this market from the short side.
Here’s my list of bearish setups:
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