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The Bears remain relevant right now but yesterday’s 34 point rally off the lows creates a possible bottoming scenario. 

Yesterday was wild. Plain and simple. It was one of those days where no one really wins. If you were bearish, you were enjoying your profits until the market squeezed you out of them, and if you were long, you were left frustrated by the notion that the market took you out of your long positions in the morning, only to laugh at you as it made a run for the ages to positive territory. 

34 point rallies aren’t normal off of extreme lows. But they do happen from time to time. 

I found myself having to get back in to the market after getting stopped out in the early going. Thankfully I did, because I managed to curb the losses as a result. 

But for now, you want to keep a running list of long and short positions because at this point the market could go either way, and being flexible enough to respond to these market shenanigans is absolutely key to staying afloat and profitable. 

Below you have my list of current short setups that I am watching. There are quite a few, and while some of them have bounced hard in the past two trading sessions, they are also bouncing right into resistance. If the market fails to continue the rally off yesterday’s lows, then you have yourself some nice setups that will have failed to break through key resistance and now starting a new leg lower. 

Here’s my short setups:

bearish-watch-list-8-13-15

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