S&P500 - Setup (21/Mar/2012) update

Another gap down open after a test to previous lows (now resistance) during overnight.
According to plan, added @ 1393/4 (ES_F ~ 1399/1400 SPX). (Now: 2 @ 1404 + 1 @ 1394)
To the bears case, price must stay in yday range or below. If not, bulls will lead the way...

The plan is based on the expectation SPX will test (at least) 1377 (71/72 ES_F) without any strong rebound. So break even it after today´s open (cover ES_F: 1 @ 1396 + 2 @ 1401.5), as I did not like first hour candle...

Short term overbought again, so breakout will depend on the participants reaction, which by the way, spent the first half-hour buying the dip, and the second and third dumping some more protection. Again, not good for the bulls, good for our plan.