Our Position (Long) .50 Volume, was executed in relation to NFP and current Bearish Sentiment. The position, while currently profitable at $475, is a focused strategy based on historical lagging indicators. We will look for the 25216 and 25362 levels (re- enter long) repeatedly ( 3 ) . While the fundamentals point to more bearish (shorting) the technical indicators point to a short term support of 24800 to 25000 and resistance in around 26000.
While the world gets a grip on the covid 19 scenario, the bearish sentiment will persist but, selling may be subdued and may see the above mentioned support and resistance levels being triggered on multiple occasions.
If you are about to enter the market / trying to out wit or take advantage of recent shorting, it would be wise to sit or ( keep your powder dry) while certain news unfolds.