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The S&P 500 index had a very flat day during the Wednesday session, as it currently sits above the 1400 level. The support area does look very strong, and seems to extend all the way down to the 1380 level as well. Because of this, we think there is a little bit of a bid in the market when it falls and will have trouble shorting it.
Having said all this, it does look like it is rather resistive once you get to the 1430 level, and as such we need to see that breakout in order to take a long-term bullish position in the futures market of this index. As for selling this market, we will not do it until we get below the 1380 level. If it comes to selling, we would sell financials first as they will more than likely be the most beat up. Conversely, financials could do quite well in a rising market.