The stock market has been caught in a loop of exogenous events. Looking at the chart I can see that the market bottomed in March (decline due to Japan quake/nuclear) when I1 exceeded +7. I still think that next Tuesday will be a top day, but it will probably be lower than 1340 SPX.
As long as DJI was within the critical support envelope I wanted to be long. Now that we are on the bearish side (under 12,227) I want to keep my longs to 4% or less. Currently flat.