UPDATE

What can I say? Clearly I have been wrong early today as the market surged through my intial 4220/4225 fade zone. Its been tough to get long as pullbacks have been very shallow. We are now right back into the 4245/4250 previous breakdown zone. Today is a trend day UP and thus as a day trader, I am not looking for a big sell off today out of here. In fact, buying the dip into the moving averages is the smart play.

However, for my bigger picture swing trading account, I have just initated some shorts and will use stops above 4260ish. I would not use such a wide stop for my day trading account. No doubt I am early but I just have to fade into this zone intially. Here is the chart clear and simple. If it doesnt sell well- BULLS YOU WIN AGAIN.

SPI March 15mins:
Previous breakdown zone; 61.8 Fib retrace off the top comes in at 4249; top end of a trend channel. All in all, this is a very low risk short area. Use whatever confirmation you normally use.