See the chart below. I have a major support line that is developing underwater at 836. If confirmed, the SP500 will have successfully made another higher low for this market’s recent trading cycle – that, on the margin, would also be bullish.
Don’t forget that “Heli-Ben” will be dropping free moneys from the skies at next week’s FOMC meeting. FREE money remains a bullish catalyst for any asset class that has the potential to “Re-Flate” – that includes your shorts.