We remain short, effectively, from 1363.00, and are shooting for a gain of at least $5000 per contract. I am going to suggest covering the short, however, if the futures poke above 1334.25 today.  That is where I would place a stop-loss on a scalp-short at a lesser Hidden Pivot resistance at 1333.50.  This was a tough decision, since I still think there’s a good chance the 1358.25 pivot where we initiated the position will survive. However, because holiday seasonality will give DaScumballs a great opportunity to ream bears a new orifice, I’d rather come away from the trade with a $700 or so gain per contract than see all our gains get taken away.  If I had it to do over again, I’d have covered at the 1303.25 target — which was all but certain to produce a big bounce — and re-shorted the rally.  If you want to hang tough for a few more points, I’ll suggest covering the short on a print above  1340.25, an important peak recorded May 20 on the way down.  That’s where trouble for shorts would really begin. _______ UPDATE (12:27 pm. EDT): Half of any shorts from 1333.50 should have been covered, since the so-far 3.50-point pullback from our entry price is more than three times the 0.75 points we risked on the initial stop-loss.   Keep a fixed stop for now at 1334.25. My strong gut feeling is that DaBoyz are not going to waste a pre-Memorial-Weekend-Friday opportunity to squeeze shorts. _______ UPDATE (1:05 p.m. EDT):  With about an hour to go, the three-tick stop-loss is holding (!), so we are now short one contract from (effectively) 1363.00, and another (effectively) from 1335.75.  For now, raise the 1334.25 stop-loss on both to 1340.50. Don’t be surprised if DaScumballs, abetted by a million Nervous Nellies, shoot for a new top before the bell.