I stated this Wednesday in Two Options
"There is a lot of debate about the current count (and with good reason). But I am still short. This move remains bearish until proven otherwise (I like 1140 as strong resistance and will revisit my stance only if that is broken).
It doesn't bother me that my positions go against me for the short term. I am set to catch unexpected and sharp drops. We had crazy no-bid days in P1 and you can bet we will have them out of the blue in P3. I stay short until the bulls convince me with overwhelming evidence that I am wrong. And the last couple of days are circumstantial at best :)"
These volatile up and down days are very indicative of a bear market: What type of markets do 4% up days happen in?. I maintain that the last few days have been a reaction (for crying out loud, we haven't even closed back above the 200 day MA).
Here is my current micro. This could be real, or it could be a fakeout. But I think the downtrend will be resuming shortly if it isn't today
Adding my daily chart, which is still very bearish
A look at Sugar for klout
A look at HSI for hhasia