In a way I got my wish, albeit the second wish. After a big red day yesterday, the market gapped up and is now up .64%. The 20 day EMA on SPY at 135.68 is currently being tested. That coincides with the 123.6% Fib extension of 135.69. So it should be some work for the bulls to break through.
Then there's the 20 day SMA at 136.12. 135.70 is the old horizontal support now turned resistance. Finally 135.90 is the 20 day MA on the 60 minute chart. So 136 plus/minus 10 cent represents a confluence of resistance.
Even though the market feels strong, I have to trade my plan. I am scaling back in very slowly, taking them as icing on the cake to better my cost basis of my inverse ETF's. At the 136 area I will be mean and put the entire 25% I took off yesterday back on the table.