02/28/13: holding short SPX - target still 1505

Markets rallied into early afternoon, painting what appears to be a wave 5 of the wave that started from the 1485 low before "collapsing" to finish in the red.  I increased the short position around 1523.

The target is still somewhere between 1500 and 1505 though I think more likely 1505 now that markets moved up to the 1525 range.

There is a confluence of support on the hourly chart at 1505
1.  downsloping red line support (charted)
2.  50% retrace of this wave.  If it bounced here, it would make a good candidate for wave 2 before launching up into wave 3.
3.  200 hourly MA would be roughly 1510 but can easily slice through this to run some stops

There is a possible fib trend change late morning/noon so I expect a low to occur in the first half of the day.

Currently still on a roll although some calls haven't been dead on.

Happy trading.