Chart of Focus: SPY and MNI

The markets sold HARD on Friday. Last Thursday I mentioned the mighty $15.30 level on the XLF. XLF is now @ $14.94, my target is $14.75.
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If you don't have any short positions, you will have an opportunity coming this week. Wait for a bounce to the 60-minute 50-MA to short ($114.10-$114.20) the SPY and pick up some SDS. My final target on the SPY is $112.

There is a chance that the markets just sells at the open; I would NOT open new short positions then because of the 20-DMA sitting right below us. DO NOT CHASE THE MARKET!

SPY 60-minute:

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MNI is a prime shorting candidate. It could sell immediately going into Tuesday so short on intraday pullbacks. This chart is very bearish. I would keep a stop at $5.45.

MNI Daily: