When I look at this market I think it is disturbingly cheap, especially internationally exposed companies, but my opinion is worthless. (this video is worth a look regarding blue chip companies) So that leaves me with just the technicals.
Right now the daily chart indicate the SP500 can move to 1100 to 1125.
Then there is the weekly chart which suggests a move to 1116 or so.
Purely on the technical front, I will look to take on some protection at 1116-1125.
(Fundamentally I SOOO do NOT want to short, but the psychology of the market is just ridiculous.)