I will hold my short position if market stay below 1134

The S&P 500 Index gave up 9.5 points, closed at 1124.83 and notched a daily close beneath its 10-day trendline for the first time since Sept. Late selling led stocks to finish lower for the third straight session. Though losses in that time have been relatively modest, the streak is the longest in about a month.

Initial jobless claims for the week ended September 18 totaled 465,000, which is more than the 450,000 that had been widely expected. However, Support helped stocks rebound. Existing home sales for August climbed 7.6% month-over-month to an annualized rate of 4.13 million units, which is more than 4.10 million units that had been expected. Leading indicators for August also proved better than expected. They increased 0.3% in the face of calls for a 0.1% increase.

Trading will remain choppy as investors react to each piece of economic news. Technically, the S&P 500 Index couldn't hold its breakout above 1130. My concerns right now is underperformance from financial stocks. Without their leadership, or at least participation, it will be tough for any rally to have staying power.

I still holding some SPXU to short the current market. , I will hold my short position if market stay below 1134, however, if market break 1134, it may retest the recent high 1148 as well as 1175. My short term target is 1120, 1117, 1110, 1100, 1094.