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The E-SPZ peaked this AM at 1118.50, just a bit shy of our preferred entry price (1119) into new short positions ... .Nonetheless, the index has pivoted to the downside and already has done some damage to the upmove from yesterday -- by slicing below micro support at 1115.50 and also below 1113.50....Downside continuation that violates 1110.25 will add further negativity to our work, and the overall pattern carved out from 1102 to 1118.50. However, the ability of the index to hold in and around 1110 will preserve a constructive overall near-term pattern, which we will have to react to accordingly. In the meantime, we are in a small short position, looking for a total retracement of the 1102-1118 upmove.

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