Stock Market Yen Carry Trade is Unravelling

SPX has completed a small impulse down and has made a 29.3% correction so far. It may go as far as 2086.54 (50%) or to 2088.20 (61.8% retracement) before it is over. However, the institutional investors may be coming in and if they start selling, SPX may be on its way to Intermediate-term support at 2053.01 or even the 50-day Moving Average at 2028.51 by tomorrow. The odds favor adding an additional layer of short positions at this time.